A survey has found almost 20 per cent of Australians have given up on their dream of owning their own home due to affordability factors.
Just over 20 per cent of women under the age of 30, and 26 per cent of men in the same age bracket believe they will never be able to buy their own home.
Those planning to purchase or who have already done so believe prices will rise over the next two years.
The survey of 1,000 Aussies, conducted by ME Bank, found a large group of young people are delaying or ruling out homeownership altogether. However, some remain positive and see the challenge of getting into a market with some of the highest property prices in the world as a creative one.
ME Bank general manager of asset products Luke Easton said those aged 18 to 29 who responded to the survey said they were prepared to make cutbacks, work harder and try new strategies to enter the property market.
“First home buyers should try to ignore speculation about what will happen with property prices,” Mr Easton said.
“Trying to pick the market is impossible and you’re better off focusing on what you can control – saving for a deposit.
“Similarly, investors would be wise to build their investment strategy based on long-term capital growth and ignore short-term price fluctuations."