Young Australians willing to compromise on property features to achieve homeownership, Bankwest survey finds
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A new survey by Bankwest has revealed that 78% of young aspiring home buyers in Australia are prepared to make sacrifices on property features, size, and even safety in order to afford a house. The Home Truths survey highlights the challenges faced by younger generations in entering the property market amid a heated market and cost-of-living pressures.
Jodene Murphy, general manager of customer, marketing, and communications at Bankwest, said, “The current heated property market, combined with cost-of-living pressures, has not dented home buyers’ aspirations, but we can see they are becoming more willing to sacrifice certain features to get into their own home.”
The survey focused particularly on West Australian buyers, finding that 48% of Gen Z aspiring buyers (aged 18-26) were most willing to compromise on property size, opting for smaller homes than they would have preferred. Among West Australian Millennials (aged 27-42), 39% were prepared to buy in a cheaper suburb than their initial choice.
Surprisingly, 68% of Gen Z and 50% of Millennials in Western Australia stated they were willing to compromise on a suburb’s safety, not considering it an important feature of a future home.
On the east coast, four in 10 buyers were prepared to sacrifice luxury features like a pool or deck to afford a property, compared to 33% of West Australians.
Murphy noted that homeownership remains important to Australians, regardless of the property market or economic conditions, and that aspiring homeowners adapt to different situations. She pointed out the interesting comparison between the West Australian and east coast markets, with young West Australian buyers facing different circumstances than older generations, targeting smaller properties in cheaper suburbs.
Despite the challenges and compromises required, Murphy concluded that the survey demonstrates “the Great Australian Dream is alive and well,” with young Australians determined to achieve homeownership even if it means sacrificing their ideal property features or location.
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The Bankwest Home Truths survey highlights the resilience and adaptability of young Australian home buyers in the face of a challenging property market and economic conditions.