Home Ownership Is Still The Australian Dream
Despite national concerns of housing affordability, owning a home is still considered the great Australian dream.
Research shows that 87% of Australian homeowners and prospective first-home buyers still believe that owning their own home is the great Aussie goal.
86% of Australians believe owning a property is a pathway to wealth, while 79% consider home ownership to success in life.
The changing landscape of the Australian property market is evident with 86 % of people saying few Australians can afford a home on one income without family support.
This trend is supported by data showing that a quarter of first-home buyers over the past four years borrowed money from family or friends to purchase their property.
The growth in property values over the past two decades showcases why property ownership is so highly regarded.
It is important to remember extra costs such as stamp duty and various fees can quickly add up and surprise the unsuspecting first homebuyer.
Experts recommend always researching, determining specific requirements and obtaining correct valuation information and costs before taking the leap to home ownership.