Midyear state of affairs: A closer look at the country’s markets
With market conditions changing at varying degrees across the country, seven experts from Property Investment Profession...
Couples are delaying plans to start a family in order to get their foot on the property ladder.
According to a new poll by PRDnationwide, one in three people are pushing back their family plans as the cost of entering the property market rises.
“The long term trend has seen prices for houses rising, however the recent softening of values in many areas are likely to tempt many potential purchasers into home ownership as these conditions will not hold in the long term. It is changing important life decisions like when to start a family in such a significant way,” PRDnationwide research director Aaron Maskrey said.
According to the REIA latest Housing Affordability Report, it now costs an average Australian family approximately 35.3 per cent of their income to service the home loan – this is up from 34.8 per cent in September 2010.
But despite the fact that property is becoming increasingly unaffordable, Mr Maskrey said a number of respondents weren’t deterred.
Of the 2000 respondents, 55 per cent said they would not let the state of the property market deter them from having children.
“While it is responsible to ensure that you can afford to support a new baby – the truth seems every generation has had not dissimilar problems,” he said.