CoreLogic has released the 2019 Perceptions of Housing Affordability report, delving into what Australians are thinking and feeling about property, and exploring their hopes and dreams.
In the past decade, there’s no doubt that Australians have found it harder to buy a home.
Affordability significantly worsened during the market’s growth phase that ran from early 2012 to mid-2017, when prices rose rapidly, particularly in Sydney and Melbourne.
But worsening affordability hasn’t dented the Great Australian Dream of owning our own property. As CoreLogic’s latest research reveals, even the youngest generation, who have faced the toughest time getting into the housing market, remain passionate about home ownership.
Here are some key findings from the report.
The Australian dream is still alive
Yes, affordability has deteriorated over recent years, but our drive and passion to own our own piece of Australia remains.
CoreLogic reports that more than four out of every five Australians believe it’s still important to own a home. And, in good news, just over half of Australians think affordability has improved over the last year, with falling house prices and record low interest rates easing affordability concerns.
But Tim Lawless, Research Director at CoreLogic, warned of complacency, as the Australian property market remains fundamentally unaffordable.
“Key affordability ratios show it is difficult for Australians to afford a home and repay a mortgage,” he said. “The recent gains in affordability could be quickly lost if the early trend towards higher prices is sustained.”
think housing affordability has improved over the last year.
believe home ownership is important.
are concerned about being able to afford their first or next home.