In this article, domain.com.au explored the changing landscape of home ownership in Australia as rising property prices reshape cultural attitudes towards the Great Australian Dream.
ServiceSeeking.com.au was featured as we provided the results of the survey.
Here's a summary of the key points:
- One in three Australians no longer prioritizes home ownership, with 35% of non-homeowners stating it's not a major life goal. This reflects the impact of unaffordable housing in major cities.
- Surging property prices in cities like Sydney and Melbourne have made home ownership increasingly challenging, with median house prices soaring to $1.17 million and $865,712, respectively.
- A shift towards renting and investment in real estate, known as "rentvesting," has emerged as an alternative for first-home buyers struggling to enter the market.
- Experts warn of implications for retirement planning and urge a reassessment of housing and superannuation policies to accommodate changing patterns of property ownership.
- Young Australians are compromising on home size and location, or taking on additional costs like Lenders Mortgage Insurance, to achieve home ownership goals, often at the expense of other financial priorities.
Read more: https://www.domain.com.au/news/home-ownership-not-a-priority-for-one-in-three-rising-prices-changing-australian-culture-20170809-gxs6hz/