Aussie dream is only for rich
We’re priced out of owning our homes, say most
PROPERTY ownership is only for the rich and remains unreachable for many Australians trying to achieve the great Australian dream, new research has found.
More than three in five Australians believe only those “with a lot of money” can hope to own their own home, new findings in Mortgage Choice’s Evolving Great Australian Dream whitepaper released yesterday has found.
Aussies are prioritising buying property ahead of career success, business growth and luxurious travel and more than nine in 10 would be happy to buy a dwelling in a more affordable suburb.
The surveyed of 1000 Australians revealed settling for apartment living is acceptable to achieve property ownership as prices continue to soar, particularly in Sydney and Melbourne.
Mortgage Choice chief executive officer John Flavell said “an overwhelming majority of Australians
believe the great Australian dream is becoming increasingly difficult to achieve”.
“While a lot of Australians are happy to buy and live in an apartment, the data would suggest others are only choosing this property purchasing path because they cannot afford the traditional dream of a freestanding home,” he said.
The research found Australian Bureau of Statistics data showed property prices continue to outpace wage growth.
The median dwelling price of houses and units combined increased by 200% over the past 20 years, compared to average weekly earning of full-time adults rising by just 121% over the same period.
For those who overcame hurdles to break into the property market, 31% did it by cutting back on spending, 24% bought a smaller property they could more easily afford and 20% bought in a more affordable suburb.