Home News Is the Great Australian Dream a thing of the past?

Is the Great Australian Dream a thing of the past?

Font size :

Perhaps due to the current conditions of the housing market, many Australians think the Great Australian Dream of owning a home is a thing of the past.

Perhaps due to the current conditions of the housing market, many Australians think the Great Australian Dream of owning a home is a thing of the past.

A new survey by Real Insurance found that two-thirds of Aussies would rather have freedom and flexibility in life over the commitment of saving for a home. Nine in 10 respondents said that achieving happiness in life is more important than having accomplished the traditional Australian dream of owning a free-standing house.

According to the study, staying healthy, feeling financially secure, and travelling are Australians’ three biggest dreams. Around 45% of those who said they are not committed to saving for a home allocate their savings towards travelling.

"So, it seems that putting happiness, including travel and freedom, above anything else in life is the new Australian Dream. There’s nothing more important in life, after all, and reiterates how adaptable and resilient us Aussies are when faced with a challenge," Real Insurance said.

While 70% still think it is important to personally own a home in the future, three in five prospective homebuyers might find it hard to do so, as they are locked out of the property market.

In fact, 93% of potential homebuyers would sacrifice being away from the inner city if it means having a more affordable property. Over half of them also noted that they would consider living in an apartment or a tiny house.

The study also found that for those who are saving for a home, clothing, hobbies, tech gadgets, and eating out are some of the most common things they spend less on.

"Our research shows that us Aussies are a resilient bunch who love a bodacious dream to aim for in life. So, we’re adapting our dream to meet a more realistic reality in the face of high property prices," the study 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

Mortgage News and Articles

Banning commissions is the best option for brokers and borrowers, says industry figure Banning commissions is the best option for brokers and borrowers, says industry figure

A broker has written an open letter arguing that removing commissions will benefit the whole industry Read more

More Aussies to struggle with mortgage repayments: Moody's More Aussies to struggle with mortgage repayments: Moody's The ratings agency expects an increase in delinquencies over the next few months ... Read more

Will Labor’s negative gearing changes only worsen the housing downturn? Will Labor’s negative gearing changes only worsen the housing downturn? Rate cuts would cushion the impact of the changes, but prices are likely to fall further ... Read more

Borrowers turn to customer-owned banks for home loans Borrowers turn to customer-owned banks for home loans They are ditching the Big Four banks due to the controversies uncovered during the royal commission's queries ... Read more

More mortgage news and articles

Sponsored Links

Friday, Mar 22, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords