86% of home owners believe owning a property is a pathway to wealth, a new survey shows...
Home ownership still the Australian dream
Westpac’s latest 2016 Home Ownership report has found that close to 9 in 10 Australian home owners and intending first home buyers still believe that having a house to call their own is the Australian dream.
The survey revealed home ownership means stability (65%), financial security (64%) and a sense of achievement (56%) to Australians.
86% of Aussie home owners agree that owning property is a pathway to wealth but the same percentage also believed not many people break into the property market on a single income without family help.
Westpac Group head of home ownership Chris Screen, said “As the Australian property market becomes increasingly tough, first home buyers are looking for different ways to achieve their home ownership dream.”
Home loan affordability (32%) and difficulty in saving a deposit (29%) were among the most common challenges identified in being ready to buy a first home.
Respondents who have purchased a property said being unprepared for general home owning costs in the first two years after purchasing their first home was a key challenge (27%), and this was particularly so for current first home buyers (40%).
“Affordability is a key concern for many Australians looking to get into the property market,” said Screen. “Some first home buyers do not consider the expenses they will incur after they’ve purchased their property. I recommend intending first home buyers create a budget to monitor their income minus their everyday expenses. This will be a good indicator of how much they’ll be able to commit to repayments.”
Westpac’s latest 2016 Home Ownership report has found that close to 9 in 10 Australian home owners and intending first home buyers still believe that having a house to call their own is the Australian dream.
The survey revealed home ownership means stability (65%), financial security (64%) and a sense of achievement (56%) to Australians.
86% of Aussie home owners agree that owning property is a pathway to wealth but the same percentage also believed not many people break into the property market on a single income without family help.
Westpac Group head of home ownership Chris Screen, said “As the Australian property market becomes increasingly tough, first home buyers are looking for different ways to achieve their home ownership dream.”
Home loan affordability (32%) and difficulty in saving a deposit (29%) were among the most common challenges identified in being ready to buy a first home.
Respondents who have purchased a property said being unprepared for general home owning costs in the first two years after purchasing their first home was a key challenge (27%), and this was particularly so for current first home buyers (40%).
“Affordability is a key concern for many Australians looking to get into the property market,” said Screen. “Some first home buyers do not consider the expenses they will incur after they’ve purchased their property. I recommend intending first home buyers create a budget to monitor their income minus their everyday expenses. This will be a good indicator of how much they’ll be able to commit to repayments.”
