More than 70% of Australians still consider property ownership to be the Great Australian Dream, new data has found.
Commonwealth Bank’s Home Own research found 75 per cent of those under the age of 30 believed property ownership to be the Great Australian Dream. Meanwhile, 69 per cent of those aged 30 and over felt the same way.
The data also found that a growing proportion of Australians now considered the dream of property ownership to be more achievable than ever before.
When asked whether or not the Great Australian Dream was within reach for first home buyers, 91 per cent said it was.
By comparison, in 2018, one in every five Australians admitted that property ownership was completely out of reach.
“Our research shows a large shift in the number of people who now feel the dream of property ownership is achievable,” Commonwealth Bank Executive General Manager Home Buying Dan Huggins said.
“Over 90 per cent of Australians said property ownership was achievable for potential first home buyers so long as they are willing to make sacrifices with regards to their spending.
“This data suggests Australians are taking an increasingly optimistic attitude towards the property market.”
Attitudes towards the property market did differ slightly from state to state:
- Victorians and South Australians are the most likely to consider property ownership as the Great Australian Dream, with 74 per cent of surveyed respondents stating that this is the case.
- In Queensland and West Australia, 64 per cent of the states’ residents considered property ownership to be the Great Australian Dream.
- Just over 70 per cent of those from New South Wales considered property ownership to be the dream. Unsurprisingly, of all the states, NSW had the highest proportion of respondents (12 per cent) who believed the dream was unachievable.
This article was first published in The Fence magazine.