Young Aussies: To buy or not to buy?

By |
Last week Your Investment Property reported the Reserve Bank of Australia's assertion that renting could be a better financial decision than buying. However, the latest research reveals most young Australians still consider home ownership important.

A new survey of 500 South Australians aged 18-40 has found that 62% consider home ownership to be of great importance. The survey, conducted by South Australian lender HomeStart, also revealed 57% of respondents indicated that owning a home was part of a secure financial future.

“It is very encouraging that so many young people still want to own their own home," HomeStart CEO John Oliver said.

In spite of respondents' conviction that home ownership was important, 42% said they felt it was nearly impossible to own their own home.

The top three challenges respondents identified as barriers to home ownership were the rising cost of living, current personal income levels and the difficulty of saving a deposit.

Respondents also named employment status, finding a house within a given price range and competition from investors as challenges.

Oliver encouraged young South Australians looking to buy a home not to give up, arguing that Adelaide had seen a steady housing market without the extreme peaks and troughs of other capital cities.

“Steadier market conditions, along with government concessions, such as the First Home Owners Grant, are great incentives to get more people into the housing market sooner,” Oliver said.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : sunshine , marrickville , st kilda west , westmead , coorparoo

go back

Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here