Abandoning the Australian dream: Aussies give up on home ownership

by Julia Corderoy24 Jun 2015
Around half of Australians believe that owning their own home is unattainable, a new survey has revealed.

A Nielsen survey for Domain.com.au has found that 51% of NSW residents and 52% of Victorian residents feel that they will never be able to afford to buy on the property ladder.

Even worse, almost two thirds (62%) of those living in the Northern Territory feel that home ownership is out of their reach.

In Western Australia, 49% believed home ownership is unattainable, followed by 47% in Queensland, 46% in South Australia and 44% in the Australian Capital Territory.

However, those living in Tasmanians are more optimistic, with only 38% believing home ownership is out of their reach.

Domain senior economist Dr Andrew Wilson told the AAP that first home buyers are suffering the most, as low interest rates drive house prices further north.

“We have the lowest interest rates at the moment since the mid-sixties and particularly in Sydney, which has a chronic undersupply of properties and a strong local economy, we are seeing strong price growth.

“In the Sydney market, first home buyers are looking at around an extra $400 a week they need to save just to keep up with prices growth for their deposit.

“It's quite a sobering statistic and reflects why it's very difficult for first home buyers to get into the market and of course it means there is a sense that it is becoming less attainable.”
 

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