More Australians are avoiding mortgages these days, instead opting to rent rather than buy a property, the latest data from comparison website finder.com.au showed.
The website’s Home Loan Insights Survey said 32% choose to rent, a massive jump from the 10% result from last year.
A total of 1,000 respondents were involved in the study and 14% admitted that it’s easier to live with parents. This figure also rose from 10% in 2013.
"Despite the cash rate pause for the 15th consecutive board meeting, it has done little to renew first home buyer activity,” said Michelle Hutchison of finder.com.au.
Hutchison added first home buyers are not in a hurry to get into the property market, as fewer Australians plan to “save a smaller deposit to get onto the property ladder sooner”.
"Last year, about two in three (62%) were planning to save a smaller deposit to buy a home sooner but now, 41% would buy a property with a smaller deposit,” she said.
"Saving enough for a deposit is still the biggest concern for prospective homebuyers, with about two in five (38%) finding it difficult to save. Although this has dropped from the survey results last year, where 51% of respondents couldn't save enough for a deposit.”
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