Many Australian couples are finding it increasingly difficult to choose between starting a family or owning a home due to high house prices and soaring interest rates. 9NEWS revealed that concerns have been raised as young families, who have taken all the right steps to save for a deposit, are being priced out of the market as the bar continues to move. The issue is compounded for those who have already started a family, as a decrease in their borrowing power may now require double the deposit to be considered by banks. The NSW shared equity scheme for healthcare workers, designed to support first-time homebuyers, is also out of reach for many, leaving them with few options.
Newlyweds and those wanting to start a family are also feeling the pinch of the housing market, which is becoming increasingly unattainable. Skyrocketing house prices in Sydney are leaving many with no option but to look elsewhere, with the Blue Mountains a popular choice. However, even in these areas, housing prices are still high, and many are struggling to save a deposit.
The issue is also affecting single-income earners, who are finding it challenging to save for a deposit on a nearly $1 million property. For many, the thought of owning a home is now unattainable, with the dream slipping further away as property prices increase.
Double income no kids (DINK) couples are also feeling the pressure of the market, with constant fluctuations and changes making the prospect of buying a home fraught with stress. Despite living in regional areas, where the median house price is more realistic, the situation still doesn’t feel achievable.
As property prices continue to rise and interest rates soar, many young Australians are feeling the pressure of an impossible housing market. The situation is so dire that new research by YouGov reveals that 90% of people believe that young Australians will never be able to own their own homes due to the cost of living crisis, with many struggling to save for a deposit in the current economic climate. The nationwide survey of over 1,000 adults showed that 31% of Australians believe that it’s too difficult to save for a deposit, leading to many Millennials and Generation X being pushed out of the market. Although homeownership remains a key part of the “Australian Dream” for 88% of those surveyed, it has lost its shine for the younger generation, who feel that it’s becoming increasingly unattainable.
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