Home ownership plans plummet

Aussies are increasingly choosing not to become homeowners according to a recent survey.
Aussies are increasingly choosing not to become homeowners according to a recent survey.

A massive 35 per cent of Australians have given up on their plans for home ownership according to survey results released by comparison website

Of the survey's 2010 respondents, one in four (24%) believe property prices have put ownership out of reach.

A further one in 10 say they've given up on ownership because they don't want to sacrifice their lifestyle.

The survey also revealed of those still planning on owning a home, nearly a third will compromise on property size or location. money expert, Bessie Hassan, described the results as sobering.

"Many Aussies are disenchanted with the homeownership dream, believing property is unattainable," Ms Hassan said.

"But the research also shows Aussies are being realistic by acknowledging that some sacrifices need to be made."

Ms Hassan said the surveyed supported calls 'generation rent' is on the rise, but this could prove a mistake in the long term for renters.

"Many are accepting the idea of long-term renting. However, not building up equity or having the security of a home could be problematic later in life," Ms Hassan said.

The full survey results reflected:

Question: Have you given up on the dream of owning your own home?

Yes - property ownership is out of reach - 24%

Yes - but I'm comfortable with that to have the lifestyle I want - 11%

Not completely, but I realise I will have to compromise on size and or location - 27%

No - 38%

Follow Kieran Clair on Twitter at @kieranclair

Topics:  buying a home editors picks home ownership mortgage property

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