A survey of more than one million respondents shows that the Australian property dream is still within reach, but the traditional notion of owning a house is being challenged.
The survey results were published in the CommBank Connected Future Report through a partnership with CommBank and social researcher and demographer Claire Madden. It reveals 48 per cent of Australians still believe obtaining property is possible. However, the dream of the standalone house has been traded in for other housing options.
According to the report, 48 per cent of new residential approvals in the last 12 months have been for medium- or high-density housing.
Sixty-eight per cent of first home buyers surveyed purchased a house in the last 12 months, 16 per cent plan to build a house after buying vacant land and 15 per cent bought an apartment or townhouse.
“The remarkable insights emerging from the CommBank ATM data overall is the resilience and tenacity Aussies have in the face of economic uncertainty,” Ms Madden said.
“As a lead example, while the Australian property dream looks markedly different in 2017, the majority of Australians either fully own or are paying off their home. This has remained constant over the past five decades, so despite uncertainty, the Australian dream has clearly lived through time.”
The report also revealed the average first home buyer is approximately aged 32, which has been consistent for the last 20 years, and Generation Y Australians have not given up on owning property.