We’ll give up treats to buy a prop­erty

The Advertiser - - NEWS - TOM BOW­DEN

SOUTH Aus­tralians are more likely to make sac­ri­fices to achieve their goals than house­hunters in many other states, for­go­ing in­dul­gences such as hol­i­days and nights out to achieve their prop­erty dreams, a new re­port re­veals.

Ac­cord­ing to the West­pac 2018 Home Own­er­ship Re­port, which ex­am­ined the re­sponses of al­most 1500 home­own­ers and first home­buy­ers across Aus­tralia, all South Aus­tralians sur­veyed said they were will­ing to com­pro­mise or make sac­ri­fices to achieve their prop­erty goals.

Al­most 70 per cent said they were will­ing to go out less, and more than half said they were will­ing to go on fewer hol­i­days.

More than three-quar­ters of South Aus­tralians sur­veyed said they were con­cerned about the de­posit and up­front costs in­volved with buy­ing a home.

How­ever, 67 per cent said they felt home own­er­ship was closer now than 12 months ago.

West­pac’s head of home own­er­ship Lau­ren Fine said the surge in con­fi­dence was great to see, and not sur­pris­ing con­sid­er­ing house prices had dipped by 2.7 per cent na­tion­ally over the past year, pri­mar­ily driven by the de­clin­ing Syd­ney and Mel­bourne mar­kets.

“De­spite this op­ti­mism, a key bar­rier to first home­buy­ers achiev­ing their dream home re­makns sav­ing enough money for a de­posit and up­front costs,” she said.

“The more in­formed peo­ple can be from the start, the bet­ter equipped they are to em­bark on the home­buy­ing jour­ney and the eas­ier and, hope­fully, more ex­cit­ing the process will be.”

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