Australians are increasingly concerned about housing affordability, according to a recent survey by Realestate.com.au.
The national property website surveyed Australians about their sentiment towards housing affordability, their financial position and their feelings on market stability as part of its annual Housing Affordability Sentiment Index. The results found that while 60 per cent of respondents are feeling better about their financial situation than they were in 2012, 63 per cent believe overall affordability has declined in that period. This reflects a return to 2012 levels, after a more positive outlook developed last year.
However, the results do not indicate that Australians are giving up of the dream of home ownership. Sixty-five per cent of respondents said they are willing to sacrifice a home’s features (such as a pool, ensuite or spare bedroom) if it means they can afford to buy property sooner. Respondents were happy to go without luxury cars or clothes in order to save for a property, but 77 per cent said they would still be taking their overseas holiday.
Residents of the ACT reported the most positive overall sentiment, recording a score of 4.7 against the national average of 4.4. And while we’ve always known Gen Y are a positive bunch, the survey’s results reflect that too – respondents aged 20-34 were more likely to report a positive shift in their financial situations and investment outlook. Fifty-three per cent of Gen Y-ers are already property owners, up five per cent on the previous year, and 23 per cent own at least one investment property.