‘Great Australian Dream’ of Home Ownership Still Alive for Young Australians
Despite a fluctuating domestic property market, north coast residents are still aiming to make their iconic dream of home ownership a reality, with research by St. George Bank revealing more than half of Australian renters plan to buy or start saving for their own home in the next five years.
According to the survey, 33% of north coast renters plan to have bought a home and a further 27% expect to be saving for their own home within the next five years.
In addition, north coast residents who already own a home share this desire to do better, with the research indicating, on average, homeowners hope to live in a property worth $98,000 (24%) more than their current home within the next five years.
Nationally, young Australians led the aspirational charge with 70% of respondents aged between 25 and 34 expecting to either have purchased or be saving for a property in the next five years, while 66% of respondents aged between 18 and 24 held similar expectations.
The Australian Home Aspiration Report, commissioned by St George Bank and conducted by Lonergan Research analysed the responses of more than 1000 Australians and clearly revealed Australians aspire to do better when it comes to property.
Rob Chapman, chief executive of St George Bank, said current economic trends indicating more conservative consumer confidence and spending highlight a greater desire, particularly among young Australians, to save and invest over the long term.
It also appears that pop culture’s focus on renovations and DIY is having an effect on north coast homeowners, with 77% intending to renovate as a means of adding value, expecting to add more than $21,000 worth of value, on average, to their home.
Extracted from article originally appearing in the Echo