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As many as four in five Australian home owners believe it is now too hard for first home buyers to own property, new research has revealed.
The study, commissioned by LocalAgentFinder and Pureprofile, surveyed 1,000 Australian adults. It showed that almost half of homeowners believe the only way first-time buyers can get a foot on the property ladder is to move to a regional area or purchase far away from the CBD.
Just over a quarter believe the best chance first home buyers have of entering the market is by relying on their parents – either by receiving money to contribute to some or all of a deposit, or by living with them while saving for a deposit.
Rentvesting might be a hot topic at the moment, but just 10 per cent of home owners believe first home buyers should purchase an investment property where they can afford with the intention of leasing it, while renting where they want to live.
LocalAgentFinder CEO Matt McCann said young buyers do not have the luxury of choosing to buy where they want to live.
“They have little choice but to buy in regional areas or the outer suburbs where house prices are more affordable,” Mr McCann said.
Just 7 per cent believe first home buyers should hold off now and buy later when they are at the peak of their careers.
On changes to make property more affordable for first home buyers, 40 per cent believe the government should make it more difficult for foreign investors to buy Australian property.
Just 5 per cent believe the government should make it harder for local investors to purchase property.
Other proposed solutions were bigger grants (18 per cent), more land releases and properties coming on the market (14 per cent), and changes to negative gearing laws (12 per cent).
“It’s clear there is still more government intervention needed to encourage and help first home buyers into the market,” Mr McCann said.
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