A recent survey by Compare the Market Australia has found that while many Australians aspire to own property, their strategies for saving differ significantly, with only half ready to cut non-essential spending and a notable number considering additional jobs.
The Compare the Market survey, which garnered more than 3,000 responses, indicated that only about half of Australians are willing to reduce non-essential spending to save for property. This was consistent across all age groups
In contrast, almost a third of respondents are considering taking up a second job or side hustle to boost their savings. This trend is particularly prominent among younger Australians, with nearly 48.1% of Gen Z respondents anticipating the need for additional work, a stark contrast to just over one in 10 Baby Boomers.
Interestingly, the survey revealed a notable lack of property ambitions among Australian Gen-Z, with over one-third aged 18-25 having no property plans within the next decade.
Australian Gen-Z’s property aspirations lag behind their international peers, being 10% less likely than Americans and almost 20% less likely than Canadians to have property purchasing or improvement plans within the next 10 years.
Stephen Zeller (pictured above), general Manager of Money at Compare the Market, underscored the importance of realistic saving strategies.
“There is no denying that owning or improving a home can be extremely expensive...,” Zeller said. “Saving for a property will probably take a lot of time, patience, and mindful money management.”
Zeller encouraged potential property buyers to plan, budget effectively, and set realistic expectations to achieve their goals.
To view the full tables and results, visit the Compare the Market website.
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