We’ll give up treats to buy a property
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.”