In spite of the RBA
's assertion that renting could be a better financial decision than buying, most young Australians still consider home ownership important, a survey has found.
A new survey of 500 South Australians aged 18-40 has found that 62% consider home ownership to be of great importance. The survey, conducted by South Australian lender HomeStart, also revealed 57% of respondents indicated that owning a home was part of a secure financial future.
“It is very encouraging that so many young people still want to own their own home," HomeStart CEO John Oliver said.
In spite of respondents' conviction that home ownership was important, 42% said they felt it was nearly impossible to own their own home. The top three challenges respondents identified as barriers to home ownership were the rising cost of living, current personal income levels and the difficulty of saving a deposit. Respondents also named employment status, finding a house within a given price range and competition from investors as challenges.
Oliver encouraged young South Australians looking to buy a home not to give up, arguing that Adelaide had seen a steady housing market without the extreme peaks and troughs of other capital cities.
“Steadier market conditions, along with government concessions, such as the First Home Owners Grant, are great incentives to get more people into the housing market sooner,” Oliver said.