A survey conducted by CBA revealed an uptick in optimism among Australians, with a larger proportion of respondents indicating property ownership feels achievable as compared to years past.
According to the bank, 91% of respondents indicated that property ownership is attainable for first home buyers as compared to 2018, where 20% said it was completely out of reach.
“This data suggests Australians are taking an increasingly optimistic attitude towards the property market,” said CBA GM of home buying, Dan Huggins of the “large shift” in sentiment.
“Over 90% of Australians said property ownership was achievable for potential first home buyers so long as they are willing to make sacrifices with regards to their spending,” he added.
The CBA survey also found that 75% of respondents under the age of 30 still feel that property ownership is the ‘Great Australian Dream,’ while 69% of those 30 and over said the same.
The responses revealed that property market sentiment varied across the country, with 74% of Victorians and South Australians linking property ownership to the Great Australian Dream as compared to just 64% of those in Queensland and West Australia.
New South Wales fell in between at 70% in that category, but also recorded the highest percentage of respondents who feel that property ownership is unachievable at 12%.
The result is unsurprising as just last week, a report celebrating improved housing affordability in Australia noted that Sydney remains “the least favourable market in the country,” with 1.8 times the average income needed to service a mortgage on an average home.
However, Huggins reiterated that now is a good time for first home buyers to pursue their property ownership ambitions.
“Interest rates are currently sitting at historical lows and, in many parts of the country, property prices have come off their peak, representing a good opportunity for home buyers to start shopping for a property,” he said.
