While the vast majority of Australians say it's important to one day own a "dream home", nearly three in 10 have given up on this dream ever becoming reality.
New research from ME shows 86% of Australians believe owning their dream home is important. More than a quarter (26%) say they already own their dream home, while 45% say they're still pursuing it.
But 29% say they've given up on ever owning their dream home. ME head of home loans Patrick Nolan said the high cost of housing is discouraging some would-be home buyers.
"The reality is housing prices have more than doubled in the last 15 years due to population growth, an undersupply of new housing, and an extended period of lower interest rates and greater access to credit, pushing the dream home beyond the reach of many Australians," he said.
Just under two thirds of respondents (63%) said stamp duty was a major impediment to buying property. Seventy-nine per cent said their vision of a dream home has changed over time, with 49% blaming the high cost of housing for the change.