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1 in 3 Australians have given up on owning a home

24 OCT 2017 By Sasha Karen 5 min read Investor Strategy

Data collected by a comparison website show 35 per cent of Australians no longer desire to become a home owner, with trends pointing towards long-term renting.

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Finder.com.au, who polled 2,010 Australians, also determined 24 per cent believe they have been priced out of the market and 11 per cent are comfortable with not becoming a home owner as long as they can maintain their current lifestyle.

For those who have not given up on owning a home, 27 per cent said they are willing to compromise on size or location of the property, a measure that Bessie Hassan, money expert at finder.com.au described as realistic.

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“Prospective home owners could have more luck by looking at areas further out from the central business district (CBD) or by settling for a smaller property,” she said.

In particular, those in NSW have ceased their hopes of home ownership due to rising prices, which then makes way for long-term renting.

Ms Hassan said because of long-term renting, those who want to own a home may feel trapped in a long-term cycle.

“Many are accepting the idea of long-term renting. However, not building up equity or having the security of a home could be problematic later in life,” she said.

“But it’s not all doom and gloom – property is attainable for those who are willing to be disciplined with their savings.

“It might mean you’re saving a deposit for 10 years instead of five, but if you persevere, chances are you’ll be one step closer to being a proud home owner.”

This data follows similar sentiments with a poll result by the Australian Futures Project during its WTF Australia competition, which has revealed only 4 per cent of renters view renting as a choice, implying the other 96 per cent feel forced into renting.

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RELATED TERMS

House

A house refers to a building or property used as living quarters or an individual’s place of permanent or temporary residence.

Owner

An owner is an individual or entity that has legal ownership and rights to an asset or property.

Property

Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.

Rent

Rent refers to the payment made by a tenant periodically to a landlord for the use and occupancy of a property.

Term

A term is defined as the fixed period of validity and conditions of a contract for a loan, real estate transaction, and other legal agreements.

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