Revealed: Australia’s true feelings on housing affordability – realestate.com.au

How Australians think about home ownership and the cost of living has been laid bare in a new report – and it’s not all good news.

Compare The Market’s Home Buyer Barometer report, which surveyed 3,000 Australians, highlights some of the costs associated with making ends meet, and the pressure Australians feel to comply.

Of those surveyed, only 7 percent believed the cost of living had improved over the past 12 months.

Nearly four in five (78 percent) said they were optimistic about the future of the economy, while 79 percent said they received no financial education at school.

More than one in five (21 percent) say groceries are their most worrying bill, with the average weekly spend at 198.16 – the equivalent of more than $10,304 a year.

Of those with a home loan, 73 percent have looked for a better deal in the past year, with 62 percent of all respondents planning to pass at least one property to their children as part of their inheritance plan.

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On average, the Bank of Mum and Dad contributed $40,000 to grow their children’s deposits.

Compare market property expert Andrew Winter said the federal government’s new 5 per cent deposit scheme could mean parents can finally get a break.

“The Bank of Mum and Dad has made some hardcore lending in recent years, with the average grant amount being around $40,000,” he said.

Andreas Winter. Image: supplied

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“It’s also great news for would-be buyers whose families don’t have the resources to contribute.”

But raising a deposit was just one hurdle, Mr Winter said.

“Our research shows Australians have made huge sacrifices to gain a foothold in the market, with 8 percent of people saying they have even postponed having children to save for a down payment,” he said.

“About one in five people had taken on a part-time job and 5 percent had taken on a second job to grow their savings faster.”

Of those surveyed, about 1,500 said they had credit card debt, and the average weekly gasoline spend was $56.47.

Credit card debt is a concern for many.

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One in five hasn’t changed energy supplier in more than a decade, with an average quarterly energy bill of $350.

Emma Lincoln, 29, and fiancée Dan Colby, 32, recently moved to Adelaide from Melbourne, and while the construction project manager says they are happy to rent in Greenacres for now, they hope to buy within a few years.

“House hunting is a real challenge here because real estate agents in Adelaide generally don’t quote prices, while in Melbourne they do, so it’s a lot trickier to know what a house is worth and what it might cost,” she said.

Emma Lincoln in her rented house in Greenacres. Photo: Ben Clark

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“That said, compared to a house the same distance from the city in Melbourne, houses here are cheaper, but there isn’t the variety of housing types that you get in Melbourne.

“Home ownership is therefore more feasible here, but it is also more difficult to do research here.

“We’re definitely looking forward to buying here – we’d like something of our own.”

– with Elizabeth Tilley