Perhaps due to the current conditions of the housing market, many Australians think the Great Australian Dream of owning a home is a thing of the past.
A new survey by Real Insurance found that two-thirds of Aussies would rather have freedom and flexibility in life over the commitment of saving for a home. Nine in 10 respondents said that achieving happiness in life is more important than having accomplished the traditional Australian dream of owning a free-standing house.
According to the study, staying healthy, feeling financially secure, and travelling are Australians’ three biggest dreams. Around 45% of those who said they are not committed to saving for a home allocate their savings towards travelling.
"So, it seems that putting happiness, including travel and freedom, above anything else in life is the new Australian Dream. There’s nothing more important in life, after all, and reiterates how adaptable and resilient us Aussies are when faced with a challenge," Real Insurance said.
While 70% still think it is important to personally own a home in the future, three in five prospective homebuyers might find it hard to do so, as they are locked out of the property market.
In fact, 93% of potential homebuyers would sacrifice being away from the inner city if it means having a more affordable property. Over half of them also noted that they would consider living in an apartment or a tiny house.
The study also found that for those who are saving for a home, clothing, hobbies, tech gadgets, and eating out are some of the most common things they spend less on.
"Our research shows that us Aussies are a resilient bunch who love a bodacious dream to aim for in life. So, we’re adapting our dream to meet a more realistic reality in the face of high property prices," the study said.