More Australians than ever have given up hope of buying a home.
According to finder.com.au, 35 per cent of Australians who don’t own property have already abandoned their dream.
New research shows one in four (24%) non-homeowners think they’ve been priced out of the market, claiming property is out of reach.
Finder.com.au’s money expert Bessie Hassan, says the results are sobering.
“Many Aussies are disenchanted with the homeownership dream, believing property is unattainable. But the research also shows Aussies are being realistic by acknowledging that some sacrifices need to be made,” she explains.
It means that prospective homebuyers need to be more disciplined and prepared to save for a deposit over five years instead of 10. Hassan also suggests that people lower their expectations by considering smaller properties and areas beyond the city.
“Whether it's size, location, or features, compromise can go a long way when it comes to breaking into the property market. There's no such thing as the perfect property. What matters is that it's some form of ‘perfect’ to you,” Hassan says.