REALESTATEVIEW.COM.AU THE FIRST HOME BUYER...
Transcript of REALESTATEVIEW.COM.AU THE FIRST HOME BUYER...
REALESTATEVIEW.COM.AU THE FIRST HOME BUYER REPORT OCTOBER 2014
EXECUTIVE SUMMARY
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This report was commissioned by realestateVIEW.com.au in September 2014 to examine the attitudes of first home buyers and
owners toward the current property market, motivations for buying or not buying property, spending and saving priorities, and
sentiments on property as a measure of life success.
The research digs deeper into the psyche of first home buyers to ask: is property still a measure of success or is the dream of home
ownership a hangover from previous generations? Are first home buyers merely struggling with affordability or are they shunning
property in favour of other lifestyle choices? Or have first home buyers lost confidence in the market altogether?
Conducted on 1,086 people via an online questionnaire, of which 44.6% were first home buyers, 32.1% were first home owners, and
24.1% were non-buyers. Of the respondents that specified locations, the breakdown of locations was as follows: VIC (56.2%), NSW
(17.4%), QLD (8.9%), SA (6.6%), WA (5.8%), TAS (3.2%), ACT (0.9%), NT (0.9%).
The report found that the definition of a first home owner in Australia is not what it once was, with the majority of first home buyers
and owners (57.1% and 54.1% respectively) now in their 30s and 40s with kids. It also revealed that affordability is playing a
significant role in driving up the average age of first timers, and that many are prepared to make significant lifestyle changes such as
cutting back on discretionary items and social outings in order to save a deposit. However despite rising house prices, first timers
still rank home ownership as the highest measure of success in adulthood, ahead of having a family, a successful career, travelling
and owning a successful business.
Interestingly, it was a different story for non-buyers - while property remains a life goal for many Australians, around a quarter
(24.1%) are going against the grain and have made the decision not to buy property, with over a third of non-buyers shunning home
ownership to allow for financial and lifestyle flexibility.
The research shows affordability will continue to be an issue long term. While the federal and local governments have introduced
stamp duty concessions and grants for buying new homes in to combat affordability, there is an opportunity for further intervention.
Recommendations include:
• Increase the first home owner grant (on a national and state level) for established properties
• Increase the value of dwellings that the stamp duty concession currently applies to
• Bring back the first home savers account scheme (abolished from 1 July 2015)
TABLE OF CONTENTS
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Title Page no
First home buyers and owners
First home buyers: Demographic snapshot 5
First home owners: Demographic snapshot 6
Reasons for buying 7
Buying because of security and stability 8
Saving for a deposit 9
Lifestyle sacrifices – first home buyers 10
Lifestyle sacrifices – first home owners 11
Measures of success in adulthood 12
Confidence in the property market 13
Property as an investment class 14
Property choice and location – first home buyers 15
Property choice and location – first home owners 16
Reasons for not having yet bought (first home buyers) 17
Non-buyers
Non-buyers: Demographic snapshot 19
Measures of success in adulthood 20
Measures of success in adulthood: a demographic breakdown 21
Reasons for not buying 22
Spending savings elsewhere 23
Confidence in the property market 24
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FIRST HOME BUYERS AND OWNERS
FIRST HOME BUYERS: DEMOGRAPHIC SNAPSHOT
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Age National VIC NSW
Under 18 0.6% 0.4% 0%
18-25 7.9% 8.9% 7.6%
25-29 17.2% 19.2% 15.2%
30-39 33.4% 38.4% 29.3%
40-49 23.7% 21.3% 26.1%
50-59 11.7% 8.5% 15.2%
60-69 4.2% 2.1% 5.4%
70 plus 1.3% 1.2% 1.2%
Have children 50.7%
No children 49.3%
83.5%
16.5% Renting butlooking to buy
Living at homebut looking tobuy
• First home buyers are not the young
singles/couples we once thought. The
majority of first home buyers (57.1%) today
are in their 30s and 40s.
• The number of first home buyers in their
30s in Victoria (38.4%) was higher than the
national average (33.4%) and of that in
NSW (29.3%).
• Interestingly, NSW had a higher proportion
of buyers in their 40s (26.1%) than the
national average (23.7%) and Victoria
(21.3%)
FIRST HOME OWNERS: DEMOGRAPHIC SNAPSHOT
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Age National VIC NSW
Under 18 0% 0% 0%
18-25 2.3% 2.1% 0%
25-29 8.4% 12.2% 0%
30-39 28.8% 34.4% 17.5%
40-49 25.3% 28.6% 21.0%
50-59 23.5% 14.8% 43.9%
60-69 9.0% 6.3% 14.1%
70 plus 2.7% 1.6% 3.5%
Have children 60.9%
No children 39.1%
• Like first home buyers, the definition of a first
home owner has changed. Over half are in the
30-49 age bracket and 60.9% have kids, a sign
it‟s taking longer for people to enter the
market.
• In NSW, there were no first home owner
respondents under 30, another indicator that
affordability is driving up the average age of
first home owners.
• In Victoria the percentage of older owners in
their 30s and 40s (63%) was higher than the
national average (53.9%) and NSW (38.5%).
• It was the opposite scenario for first home
owners in their 50s and 60s. This age group
was much more prevalent in NSW (58%);
nearly triple their Victorian counterparts
(21.2%) and almost double the national
average (32.5%).
REASONS FOR BUYING
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Reasons for buying
First home buyers First home owners
National VIC NSW National VIC NSW
Want to make my own home/have
the freedom to modify or renovate
36.8% 37.9% 33% 18.8% 18.5% 14.5%
Property is a good investment 14.1% 15.7% 11% 11.8% 11.6% 7.3%
Feel there is a social expectation to
own a home in adulthood
1.8%
2.5% 0% 2.3% 1.6% 0%
Want the security/stability of owning
a home
35.0% 32.5% 41.8% 42.9%
40.7% 56.4%
View home ownership as a major
financial aspiration
11.0% 10.7% 11%
23.2% 27% 21.8%
Other 1.3% 0.7% 3.3% 1.0% 0.6% 0%
Are reality renovation shows like The Block
and House Rules creating a ‘renovator’s
market’?
• For first home buyers, their main motivation
for purchasing property was having the
freedom to renovate (36.8%) – ranking
higher than the security of owning their own
home (35%), because they believe property
is a good investment (14.1%), or because
they view home ownership as a major
financial aspiration (11.0%).
• Interestingly, NSW first home buyers were
the only group who didn‟t rank renovations
as their main driver. The security of owning
a home was the most important at 41.8%.
• While first home owners named
security/stability and financial aspiration as
their main motivation for a buying a home,
almost one fifth (18.8%) said they bought
because they wanted to the freedom to
renovate.
• Similar to first home buyers, the
security/stability of home ownership was
much more important for NSW first home
owners (56.4%) when compared with
Victorians (40.7%) and the rest of the nation
(42.9%).
BUYING BECAUSE OF SECURITY AND STABILITY
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Reasons for desiring stability
and security
First home buyers First home owners
National VIC NSW National VIC NSW
Wanted the security of not being
controlled by a landlord 67.6% 69.6% 66.7% 64.1% 60.0% 77.1%
Believe property offers strong
capital growth 40% 38.3% 30.8% 37.4% 43.0% 22.9%
Believe property offers potential
for high rental yield 15.7% 14.8% 5.1% 6.9% 7.0% 5.7%
Property offers equity to buy an
investment property/ use as an
extra line of credit
28.5% 25.2% 23.1% 19.2% 19.0% 20.0%
• For those who bought for
security and stability, we dug a
little deeper to understand why.
• First home owners in NSW
were much more driven by not
being controlled by a landlord
(77.1%) than their national
(64.1%) and Victorian
counterparts (60.0%)
• Both first home buyers and
owners in NSW don‟t feel as
strongly about property offering
strong capital growth (30.8%
and 22.9% respectively) as their
national counterparts (40.0% for
buyers and 37.4% for owners).
• In contrast, first home buyers
and owners in Victoria have a
much more optimistic outlook
on capital growth (38.8% and
43.0% respectively).
NB: Respondents were asked to ‘tick all that apply’ to this question.
SAVING FOR A DEPOSIT
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Length of
time
First
home
buyers
First
home
owners
Less than
one year 39.5% 20.7%
1-2 years 28.5% 29.9%
3-5 years 18.3% 32.1%
5-10 years 13.5% 17.2%
Amount
saved
First
home
buyers
First
home
owners
5% 19.9% 20.7%
10% 35.1% 38.5%
20% 22.6% 20.7%
More than
20% 22.2% 20.0%
• We thought it was interesting to compare the
differences between buyers currently saving, and
first home owners who have already experienced
the saving hurdle.
• While the majority of first home buyers (68.0%)
have been saving for less than two years, the
reality is it‟s likely to take them longer. Nearly a
third of first home owners took 3-5 years to save a
deposit.
• Looking at amounts saved, it appears first home
buyers are taking a sensible approach to home
ownership.
• Over a third of first home buyers plan to save a
10% deposit, while 44.8% plan to save at least a
20% deposit. This was on par with first home
owners, showing that the entire first-time market
are conscious savers.
LIFESTYLE SACRIFICES – FIRST HOME BUYERS
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Sacrifice National 18-24 25-29 30-39 40-49 50-59 60-69 70+
Won’t have to
make any lifestyle
changes
16.6% 9.4% 17.1% 33.3% 13.5% 32.7% 23.5% 66.7%
Forgoing holidays 38.5% 40.6% 42.1% 38.7% 43.3% 21.1% 58.8% 0.0%
Cutting back on
social outings 47.3% 53.1% 63.1% 52.7% 40.4% 23.1% 52.9% 0.0%
Cutting back on
discretionary items 53.0% 46.9% 55.3% 63.3% 50.0% 36.5% 35.3% 33.3%
Holding off on big
ticket items (e.g.
cars)
46.9% 56.2% 48.7% 48.0% 51.0% 34.6% 35.3% 33.3%
Holding off on
tertiary education 10.4% 6.25% 15.8% 10.0% 12.5% 3.8% 11.8% 0.0%
Moving to another
state 5.6% 3.1% 3.9% 6.0% 6.7% 9.6% 0.0% 0,0%
Other 5.6% 3.1% 3.9% 4.0% 7.7% 9.6% 0.0% 0.0%
• We also asked first home buyers what
sacrifices (if any) they would have to
make in order to save for a deposit.
• Interestingly, first time buyers in the
25-29 age bracket were the most
willing to make lifestyle sacrifices in
order to save a deposit. 63.1% are
cutting back on social outings, 55.3%
on discretionary items, 48.7% holding
off on big ticket items and 42.1%
forgoing holidays.
• 18-24 year olds were the second most
willing group to cut back on social
outings (53.1%), above 30-39 year
olds (52.7%) and those in their 40‟s
(40.4%) and 50‟s (36.5%).
• More people in their 30‟s are likely to
cut back on discretionary items
(63.3%), as opposed to people in their
mid to late 20‟s (55.3%) and people in
their 40‟s (50.0%).
NB: Respondents were asked to ‘tick all that apply’ to this question.
LIFESTYLE SACRIFICES – FIRST HOME OWNERS
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Sacrifice National 18-24 25-29 30-39 40-49 50-59 60-69 70+
Won’t have to make
any lifestyle changes 37.0% 16.7% 35.7% 39.8% 38.7% 34.6% 32.1% 50.0%
Forgoing holidays 25.4% 33.3% 14.3% 26.1% 23.7% 28.2% 25.0% 50.0%
Cutting back on
social outings 34.1% 50.0% 42.9% 36.4% 30.0% 34.6% 25.0% 50.0%
Cutting back on
discretionary items 35.7% 66.7% 35.7% 39.8% 32.5% 33.3% 32.1% 50.0%
Holding off on big
ticket items (e.g. cars) 31.3% 66.7% 28.6% 29.5% 30.0% 28.2% 42.9% 50.0%
Holding off on tertiary
education 4.7% 16.7% 7.14% 5.7% 2.5% 2.6% 10.7% 0.0%
Moving to another
state 2.5% 0,.0% 0,0% 1.1% 0.0% 6.4% 7.1% 0.0%
Other 7.6% 0.0% 3.6% 9.1% 12.5% 5.1% 3.6% 0.0%
• Similar to first home buyers, younger first
home owners in their 20‟s were more
willing to make lifestyle sacrifices when
they were saving for their deposit. 33.3%
of 18-24 year olds stopped going on
holidays, 50.0% cut back on social
outings, 66.7% cut back on discretionary
items, and 66.7% held off on big ticket
items like cars.
• These figures were also high for owners
in their mid to late 20‟s, with 42.9%
cutting back on social outings, and
35.7% cutting back on discretionary
items. Interestingly, only 14.3% avoided
going on holidays.
• However, a large group of people in their
30‟s also didn‟t have to make any
lifestyle changes to save for a deposit
(39.8%). They were also less willing than
those in their 20‟s to make lifestyle
changes – just 36.4% said they cut back
on social outings, 26.1% said they gave
up holidays, and 39.8% cut back on discretionary items.
NB: Respondents were asked to ‘tick all that apply’ to this question.
MEASURES OF SUCCESS IN ADULTHOOD
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First home buyers First home owners
1. Owning a home/having a
family 1. Owning a home
2. Having a successful career
2. Having a family
3. Travelling/great experiences
3. Travelling/great
experiences
4. Owning a successful business
4. Having a successful
career
5. Owning a successful
business
• Despite affordability pressures, first
home buyers haven‟t turned their
backs on home ownership. Owning a
home ranked the highest as
measures of life success in
adulthood, ahead of having a family,
successful career, travelling and
owning a successful business.
• Like first home buyers, first home
owners believe their house is the
ultimate measure of success, just
ahead of having a family. Interestingly,
home owners appear more content
with „experiences‟, ranking travel
experiences as a higher measure of
success than a career and running a
business.
CONFIDENCE IN THE PROPERTY MARKET
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First home buyers First home owners
NAT VIC NSW NAT VIC NSW
Strong price
growth 25.5% 26.4% 25.0% 19.1% 20.2% 21.8%
Moderate price
growth 51.3% 48.4% 52.4% 59.2% 59.4% 61.8%
Weak price
growth 15.8% 17.6% 11.9% 16.5% 16.2% 10.9%
No growth 2.7% 2.8% 4.8% 2.5% 2.3% 1.8%
Negative growth 4.5% 4.8% 5.9% 2.5% 1.7% 3.6%
• Despite speculation of a property „bubble‟,
first-timers have an overwhelming
confidence in the property market.
• 76.8% of first home buyers and 78.3% of
first home owners expect the market will
deliver strong or moderate growth over the
next 5-10 years.
• Just 7.2% of first home buyers and 5.0% of
first home owners predict no growth or
negative growth.
• Interestingly NSW first home buyers and
first home owners were more confident
than their VIC counterparts in the property
market:
• 77.4% of NSW first home buyers
and 83.6% of first home owners
believe the market will experience
strong or moderate growth, versus
74.8% of Victorian first home buyers
and 79.6% of first home owners.
PROPERTY AS AN INVESTMENT CLASS
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• Property remains the top investment choice for
first home buyers and first home owners
nationally.
• Almost half of first home owners plan to invest
in property as their only asset class, while
superannuation is favoured ahead of shares.
• Interestingly, Victorian and New South Wales
first home buyers were the only groups to not
list property as their top investment choice –
instead favouring superannuation.
• It appears the security of having bought a home
might encourage people to become more
adventurous with their investments and take on
higher securities like bonds and shares:
• Just 3% of current first home owners
nationally said they would invest in
super, while 34.3% will invest in shares
and 35% in bonds.
• Of the first home buyers who plan to invest in
areas besides property, they are risk-averse
and careful in sticking to what they know, with
37.6% investing in superannuation and 27.3%
in shares. Just 2.6% of buyers were prepared
to invest in bonds.
First home buyers First home owners
National VIC NSW National VIC NSW
Shares 27.3% 40.6% 32.1% 34.3% 32.1% 24.2%
Bonds 2.6% 4.4% 1.9% 35.0% 3.7% 1.5%
Superannuation 37.6% 43.7% 56.6% 3.0% 39.0% 40.9%
Only property 46.4% 33.7% 32.08% 46.9% 43.6% 48.5%
Other ventures 6.5% 5.0% 1.9% 6.1% 5.5% 12.1%
PROPERTY CHOICE AND LOCATION FIRST HOME BUYERS
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Type of home National VIC NSW
A large house in inner suburbs 14.3% 12.9% 10.0%
An apartment in the hub of the
city 7.1% 3.2% 20.0%
An apartment in the inner suburbs 14.3% 6.4% 30.0%
A house with a garden in the
mid/outer suburbs 33.9% 32.3% 40.0%
A smaller house in the inner city
suburbs 30.4% 35.5% 30.0%
A smaller house in the mid/outer
suburbs 8.9% 6.4% 30.0%
An apartment in the mid/outer
suburbs 7.1% 3.2% 20.0%
Other 17.9% 12.9% 20.0%
• While apartment construction is
booming in Melbourne and Sydney,
many first timers still have their hearts
set on a white picket fence.
• In Victoria, just 6.4% of Vic FHBs who
view property as the Great Australian
Dream/major financial aspiration want
to buy an apartment in the inner
suburbs (lower than the national
average of 14.2%), suggesting the
apartment market will largely be
investor-driven.
• Rather, Victorian first home buyers in
search of the Great Aussie Dream want
a large house in the mid/outer ring
(32.2%) or a smaller house in the inner
city (35.4%).
• In Sydney, however, buyers who view
property as the Great Aussie Dream are
positive toward apartment living in any
area - 20% want an apartment in
mid/outer suburbs, 30% in inner
suburbs, and 20% in the CBD (much
higher than the national average of
7.1%, 14.2% and 7.1% respectively).
NB: Respondents were asked to ‘tick all that apply’ to this question.
PROPERTY CHOICE AND LOCATION FIRST HOME OWNERS
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Type of home NAT VIC NSW 18-29 30-39 40-49 50-
59 60-69 70+
A large house in
inner suburbs 11.5% 16.0% 8.3% 0% 18.2% 23.5% 0.0% 12.5% 0.0%
A smaller house in
inner suburbs 7.7% 12.0% 0.0% 6.2% 13.6% 5.9% 0.0% 0.0% 0.0%
An apartment in the
hub of the city 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
An apartment in the
inner suburbs 5.1% 8.0% 0.0% 18.7% 0.0% 5.9% 0.0% 0.0% 0.0%
A large house with a
garden in the
mid/outer suburbs
53.8% 42.0% 66.7% 50.0% 50% 47.1% 69.2
% 62.5% 50.0%
A smaller house in
the mid/outer
suburbs
8.9% 10.0% 0.0% 12.5% 9.9% 0.0% 15.4
% 12.5% 0.0%
An apartment in the
mid/outer suburbs 10.2% 10.0% 16.7% 12.5% 9.1% 11.8% 7.7% 12.5% 0.0%
Other 2.6% 2.0% 8.3% 0.0% 0.0% 5.9% 0.0% 0.0% 50.0%
• While first home buyers still
hold dreams of living in the
inner suburbs, the likelihood
that they will have to
compromise on housing
preference is high.
• Over half of first home
owners settled on larger
houses in the mid/outer
suburbs.
• Not surprisingly, 18-29-year
olds are happier to buy an
apartment in the inner city
compared with the national
average, an indication that
location is more important
than size for this group.
REASONS FOR NOT HAVING YET BOUGHT (FIRST HOME BUYERS)
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5.1
35.7
9.7
30.3
2.4
4.9
11.9
Waiting for spring when there aremore properties on the market
Think house prices are toohigh/struggling with affordability
Not sure if it's the right time to buy
Want to save a bigger deposit
Don't want to sacrifice lifestyle
Don't want to be tied down to amortgage
Other
0 10 20 30 40
• Affordability remains the top
reason preventing first home
buyers from having entered
the market already – 35.7%
of buyers have not entered
the market due to high house
prices.
• Furthermore, nearly 10%
question whether now is a
good time to buy at all.
• Wanting to save a bigger
deposit ranked the next
highest motivator after
affordability at 30.3%.
18
NON-BUYERS
NON-BUYERS: DEMOGRAPHIC SNAPSHOT
19
Age National
Under 18 0.3%
18-25 9.0%
25-29 10.9%
30-39 25.2%
40-49 21.8%
50-59 19.2%
60-69 10.7%
70 plus 2.9%
Have children 57.5%
No children 47.5%
81.9%
18.0% Renting
Living at home withfamily
• While property remains a life goal for many
Australians, around a quarter (24.1%) are going
against the grain and have made the decision not
to buy property.
• Almost one fifth of people not looking to buy are
living at home with family - these are likely to be
younger adults who haven‟t moved out of home
yet, with 22.2% of non-buyers under 29.
• Like the first time market, a high proportion
(57.5%) of non-buyers have children.
• Over 75% of non-buyers are aged between 30
and 69, suggesting that they may have given up
on the dream of home ownership earlier on.
MEASURES OF SUCCESS IN ADULTHOOD
20
National VIC NSW
1. Having a family 1. Having a family 1. Having a family
2. Owning a home
2. Travelling/great experiences
2. Owning a home
3. Travelling/great experiences
3. Having a successful career
3. Travelling/great experiences
4. Having a successful career
4. Owning a home
4. Having a successful career
5. Owning a business.
5. Owning a business
5. Owning a business
• Among property
“shunners”, home
ownership rated much
lower as a measure of
success in adulthood
compared with first home
buyers and owners.
• Non buyers rated this third
behind having a family and
travel/experiences, and
just ahead of having a
successful career and
starting their own
business.
MEASURES OF SUCCESS IN ADULTHOOD: A DEMOGRAPHIC BREAKDOWN
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18-24 25-29 30-39 40-49 50-59 60-69 70+
1. Having a family
1. Travelling/
great
experiences 1. Having a family 1. Having a family 1. Having a family 1. Having a family
1. Having a family/
travelling/ great
experiences
2. Owning a home
2. Having a
successful
career
2. Having a
successful career
2. Travelling/ great
experiences 2. Owning a home 2. Owning a home 2. Owning a home
3. Travelling /great
experiences
3. Having a
family
3. Travelling/ great
experiences
3. Having a
successful career
3. Having a
successful career
3. Travelling/ great
experiences
3. Owning a
business
4. Having a
successful career
4. Owning a
home 4. Owning a home 4. Owning a home
4. Travelling/ great
experiences
4. Owning a
successful
business
4. Owning a
business/ having a
successful career
5. Owning a
business
5. Owning a
business
5. Owning a
business
5. Owning a
business
5. Owning a
successful
business
5. Having a
successful career
REASONS FOR NOT BUYING
22
Reasons for not
buying
Nation
al 18-24 25-29 30-39 40-49 50-59 60-69 70+
Don‟t think I can
afford a home 61.8% 69.6% 57.1% 65.1% 61.1% 64.0% 55.6% 28.6%
Don‟t want to be
tied down to a
mortgage
21.0% 34.8% 42.9% 15.1% 16.7% 18.0% 14.8% 0.0%
Want a flexible
living
arrangement
17.5% 17.4% 21.4% 13.6% 22.2% 20.0% 7.4% 14.3%
Can afford to rent
closer to the city,
as opposed to
purchasing in
outer suburbs
15.1% 21.7% 28.6% 16.7% 13.0% 12.0% 0.0% 14.3%
Uncertain about
the long-term
returns of
property market/
don‟t think it‟s a
good investment
5.0% 13.0% 10.7% 3.0% 5.6% 4.0% 0.0% 0.0%
Other 15.5% 13.0% 14.3% 12.1% 13.0% 14.0% 30.6% 42.9%
• Affordability is by far the main
reason stopping people from buying
a home, while 15% refuse to buy
because they can‟t afford their
location.
• However, over a third are shunning
home ownership to avoid being tied
down by a mortgage and spend
their savings elsewhere, or to
ensure a flexible lifestyle.
• Understandably, these figures were
higher among 18-29 years olds,
39% of whom don‟t want to be tied
down to a mortgage in favour of
travel and social outings.
• This trend was not present among
30-39-year olds, however, with just
15.9% saying they don‟t want to be
tied down to a mortgage, showing
affordability is the key driver locking
buyers out of the market, not
lifestyle.
NB: Respondents were asked to ‘tick all that apply’ to this question.
SPENDING SAVINGS ELSEWHERE
23
79.4
23.5
11.7
26.4
5.8
17.6
11.7
2.9
17.6
5.8
2.9
Holidays
Social life
Raising a family, education
Discretionary items
Big ticket items
Buying a business
Investing in shares
Investing in bonds
Making additional super contributions
Don't want to spend savings
Other
0 20 40 60 80 100
• Of those wanting to spend
their savings elsewhere,
holidays are the main
alternative financial priority.
• Of those in favour of a flexible
lifestyle, the ability to move to
a new area is the main driver.
Want to spend time
overseas 36.8%
Want to move to different
areas easily 47.4%
Other 5.3%
Need to be able to move for
work 15.8%
Reasons for wanting flexibility
NB: Respondents were asked to ‘tick all that apply’ to this question.
CONFIDENCE IN THE PROPERTY MARKET
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• Like current buyers, non-
buyers actually have
confidence in the property
market; their choice not to
buy is being driven by
affordability and changing
lifestyle choices.
• Over 60% expect property
price growth will be
moderate or strong over
the next 5-10 years.
19.3
34.9
9.4
0.9
5.3
30.3
Strong pricegrowth
Moderate pricegrowth
Weak price growth
No growth
Negative growth
Don't know
0 10 20 30 40
Contact details
Anna Kenneally/ Mia Cochrane at Keep Left
03 9268 7800
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