The ‘great Australian dream’ of home ownership is still alive, with more than half of Australian renters planning to buy or save for their own home in the next five years, according to St. George Bank’s (St. George’s) Australian Home Aspiration report.
More than 1,000 Australians were surveyed as part of the Lonergan Research report, which found that home owners "aspire to do better" when it comes to the property market.
Young Australians stood out in the survey, with 70 per cent of respondents aged between 25 and 34, and 66 per cent of 18 to 24 year olds expecting to have either purchased or be saving for a property in the next five years.
According to the survey, only 1 per cent of respondents aged between 18 and 24 are expecting to be living at home with their parents in five years time.
On average, St. George found that existing home owners wanted to live in a property worth $150,000 more than their current home, an average increase in value of 30 per cent. To realise their value-adding goal, the research revealed that 72 per cent of home owners plan to renovate their home.
St. George chief executive Rob Chapman said unstable domestic market trends have influenced many Australians to save and invest over the long-term.
"Our research offers a unique insight into a shift in the mindset of Australians, particularly those aged under 35, who report a desire to slow spending and start saving in order to make their home ownership dreams a reality," Chapman said.
In other results, the survey indicated that 51 per cent of renters with children have a strong desire to own a property in the short term, compared with 31 per cent of renters without children.
On a national level, 38 per cent of New South Wales renters were expecting to own their own home within five years, compared to 34 per cent of those in Queensland.
"Ultimately, Australians clearly have a strong desire to ‘do better’, whether it comes to owning their own home or increasing the value of their home, illustrating the ‘great Australian dream’ is very much alive and well," said Chapman.
