New data from a Finder.com.au survey suggests that may be the case.
Here are the stats:
- 35% of survey respondents have given up on their plans for home ownership.
- 24% believe property prices have put home ownership out of reach.
- 11% say they gave up on home ownership because they don’t want to sacrifice their lifestyle.
But here’s the clincher:
- 38% of respondents say they have not given up on home ownership.
- 27% say they know they’ll need to compromise to get into the market.
So while renting may still be part of the plan for many, most people are still shooting for home ownership and are prepared to give up their smashed avocado to get there.
Bessie Hassan from Finder.com.au said that Aussies who are prepared to make some sacrifices now to enter home ownership could be better off in the long run.
“Many Aussies are disenchanted with the homeownership dream, believing property is unattainable,” Ms Hassan said.
“But the research also shows Aussies are being realistic by acknowledging that some sacrifices need to be made.
“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.”
Where could your rent money get you into the market? Contact us for a chat.
