Survey Shows Financial Assistance from Parents in Property Purchases

The Australian Securities Exchange (ASX) is anticipated to open slightly higher following mixed trade results from Wall Street overnight, where the tech-heavy Nasdaq experienced losses.

Stay tuned for ongoing updates and insights from financial experts throughout the day.

Market Overview

• ASX 200 futures: Up by 0.1% (live figures available below)
• Australian dollar: Decreased by 0.2%, trading at 62.10 US cents
• Wall Street: Dow flat, S&P flat, Nasdaq down 0.5%
• Europe: DAX up 0.4%, FTSE up 1.1%
• Spot gold: Increased by 1.1%, currently at $US2,747 per ounce
• Brent crude: Decreased by 1%, now at US$81.25
• Iron ore: Increased by 2.2%, currently trading at $US102.80 per tonne
• Bitcoin: Increased by 0.6%, trading at $US100,584

Prices are as of 7:30 AM AEDT.

Financial Assistance from Parents

A recent survey conducted by UBS reveals a noteworthy trend regarding parental support in property purchases, commonly referred to as the "bank of Mum and Dad." This survey, which included 1,000 participants, indicated that approximately 40% of individuals reported having either given or received financial assistance from family members in the past year.

Interestingly, over 25% of those who received cash from family in 2024 utilized it for mortgage repayments, while another quarter acquired funds specifically for purchasing property. Some individuals even reported receiving significant amounts exceeding $200,000.

This trend raises questions about the financial landscape and the ongoing challenges many face in entering the property market. Have you contributed financially to help a loved one secure their home? Share your experiences.

Market Trends and Updates

As we venture into the new trading day, Wall Street has closed slightly lower, with both the Dow and S&P down by 0.1%, while the Nasdaq saw a more considerable decline of 0.5%. Despite this, the ASX is positioned to open with only a modest increase.

We will keep you informed on developments and financial news as they unfold throughout the day.

property, parents, survey