More than half of potential future Australian home buyers believe they can afford a standalone house in the next five years and are prepared to make trades-offs to do it, according to Great Southern Bank research.
A surveyof 1500 prospective home buyers (half of those first-home buyers) found that 55 per cent of first-home buyers want to buy a standalone house in their desired location by 2027. However, 71.6 per cent of all respondents would consider buying an apartment or unit as another means of housing.
Another quarter (24 per cent) of all respondents would be willing to move to a less desirable suburb to buy their ideal house.
The vast majority of Great Southern Bank home loan customers are ahead on their repayments, showing they are financially prepared to manage any further interest rate increases, helping to keep the dream alive.
It comes as rental prices reach record highs (CoreLogic, September 22) and families juggle the increasing cost of living.
Great Southern Bank Chief Customer Officer Megan Keleher said those unsure about the way forward should not give up on their aspirations to one day own a house, but could consider a variety of steps along the journey.
“At Great Southern Bank, we want all Australians to achieve their long-term home ownership aspirations and we are pleased to see that Australians have not given up on becoming homeowners,” Ms Keleher said.
“The journey to owning a standalone house or your forever home may take time and may require trade-offs in the process. This may include options like buying an apartment, a duplex, a smaller house or even moving to a location slightly further afield to take that first step on to the property ladder.
“Looking at smaller or more affordable housing options might also mean the property is within the price caps that apply for the Government’s Home Guarantee Scheme, including the new Regional First Home Buyer Guarantee, providing another boost for first time buyers.”
LongView Head of Advisory, Warwick Brookes said buyers’ advocates were often helping young Australians navigate the journey towards house ownership.
“Houses remain top value growth performers in the property market, and we’re pleased to see young Australians are still committed to finding ways to make this happen.
“We are now in a buyers’ market which is great for people wanting to get their first property. However, waiting for the right place and not rushing your decision can make a big difference too. It’s important to discuss your options with the right experts, from home loan experts to buyers’ advocates, to help make the right decision.”
Recent purchasers Laura & Callum Shackleton said they chose to move further out into Melbourne’s suburban fringe to own the style of property they desired.
“We knew we wouldn’t get the land or living space we desired in inner-city Melbourne, without paying over and above what we could afford. After living with our parents while saving for a wedding, we knew we were ready to own our own place but didn’t want to compromise on space.
“While Sunbury wasn’t originally in our plans, we were more than willing to buy in the area to secure the type of housing we dreamed of. A lot of young people still want to buy houses, like the ones they grew up in themselves. We’re excited for the next step and for what it holds for our future.”
Be the first to comment