Nearly one in five believe they will never be able to buy a home: survey

Nearly one fifth of Australians believe they will never be able to afford to buy their home, according to a new ME Bank survey.

The survey found that 18% of Australians now believe they will never be able to buy a home. The belief was most prominent among people aged below 30, with 26% saying they will never afford property.

Expectations of property price increases are also prominent – perhaps contributing to the sense of unaffordability.

The survey found that 51% of those with properties, or planning to buy, expect further increases in the next 12 to 24 months. Another 40% are expecting prices to remain steady, while 9% expect prices to drop.

The results show that first home buyer affordability is a growing challenge that is becoming an issue for all Australians, said ME Bank general manager asset products, Luke Easton.

“A large group of young people are delaying or ruling out home ownership altogether,” Easton said.

ME Bank surveyed 1,000 people online for the results.

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