The apartment boom has an upside for disillusioned would-be buyers
Although it is becoming increasingly difficult for some buyers to get their foot on the property ladder, research conducted earlier this year has demonstrated that property ownership remains the great Australian dream.
But the Evolving Great Australian Dream report from Mortgage Choice and Core Logic showed that almost 90% of the 1000-plus people surveyed believe that the traditional freestanding house on a quarter-acre block in the suburbs is no longer achievable.
But regardless of how difficult property ownership becomes, people still want to own a home, says John Flavell, CEO of Mortgage Choice. “In fact, our research shows people rate home ownership as more of a priority than career success, travel or having a luxurious lifestyle,” he says.
But there has been significant decline in the proportion of households that are owner occupied, from 69% in 2001 to 65% in 2014, the latest data from the Household, Income and Labour Dynamics in Australia (HILDA) survey reveals.
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