An article published on http://www.domain.com.au caught our eye this week. According to the article, a recent survey commissioned by the publicly listed mortgage broking firm, Mortgage Choice, found that almost two thirds of us regard the Great Australian Dream of home ownership to be something reserved for the wealthy. An article published on http://www.domain.com.au caught our eye this week. According to the article, a recent survey commissioned by the publicly listed mortgage broking firm, Mortgage Choice, found that almost two thirds of us regard the Great Australian Dream of home ownership to be something reserved for the wealthy.

Victoria is placed behind South Australia and Western Australia, but is still ahead of NSW and Queensland, on the home ownership front. Despite the fact that it is becoming increasingly difficult for some buyers to get their foot on the property ladder, the research demonstrated that property ownership is still the Great Australian Dream for almost all of us.

Mortgage Choice chief executive John Flavell said, “Regardless of how difficult property ownership becomes, people still want to own a home. In fact, our research shows people rate ‘home ownership’ as more of a priority than career success, travel, or having a luxurious lifestyle.”
The study’s findings indicate:

• Almost a third of Australians reduce their spending in order to save for a deposit on their first property
• 24% decide to buy a smaller or more affordable property, and
• 20% aim to reduce the overall expense of purchasing property by buying with friends and family.

Click here to read the full article.