Thirty-five per cent of Australians have given up on ever owning their own home, according to new research by
finder.com.au.
A national survey of more than 2,000 Australians found 24% believed they had been priced out of the property market. A further 11% said the dream was out of reach but were comfortable with this as long as their quality of life was not affected.
While the results mean 65% of Australians have retained the goal of owning a home, 27% said they would have to compromise on the size or location of the property.
This means that only 38% of Aussies are sure of purchasing property that fits with their exact needs.
Bessie Hassan, money expert at
finder.com.au, said prospective buyers could have more luck by looking for a home which is smaller or further from the CBD.
Disenfranchisement was highest in NSW where 40% of those surveyed had given up hope of owning property.
“Many are accepting the idea of long-term renting. However, not building up equity or having the security of a home could be problematic later in life,” Hassan said.
However, she said property was attainable for those willing to be disciplined with their savings.
“It might mean you’re saving a deposit for ten years instead of five, but if you persevere, chances are you’ll be one step closer to being a proud homeowner.”
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