Australians want to own their own homes - new research shows
Anyone thinking of buying a house in the near future is likely to be in good company, as new research has shown that more Australians have prioritised owning their own homes.
According to the Westpac Home Ownership Report, owning a residential property and paying a loan off sooner are amongst the top priorities for survey respondents.
The number of Australians who held these opinions accounted for 57 per cent of the total survey respondents - these people either already own a home or are thinking of buying a property in the next year.
At the same time, results from the report also showed that people are placing their home-buying plans ahead of getting married or starting a family. This translated into 8 per cent and 5 per cent of people respectively - a significantly smaller number than those thinking of buying or already owning residential real estate.
"The Westpac Home Ownership Report reinforces how important owning a home is to Australians, and it's striking that people are prioritising this ahead of kids and marriage," said Westpac General Manager of Retail Banking Gai McGrath.
"The report has also shown that Australians need advice to help them own their home sooner."
Not only can the purchase of property be a great option for those no longer wanting to rent accommodation, but regular mortgage repayments can also build up equity - resulting in a long-term positive investment.
However, as Ms McGrath previously stated, many people need advice and help to get them into their own homes sooner.
This is especially evident for first time buyers, who can find the task of purchasing a property difficult.
An analysis of data from the Australian Bureau of Statistics by the Real Estate Institute of Australia (REIA) has shown that lending for the purchase of residential properties has risen over the month of June.
Through this analysis, the REIA found that first home buyer numbers are still low - despite the first home owner grants in the country.
"The proportion of first home buyers in the number of owner-occupied housing finance commitments rose slightly to 15.1 per cent compared to the May figure of 14.6 per cent. The figure remains persistently low compared to the long-run average proportion of 20.1 per cent despite seven interest rate cuts since November 2011," said REIA President Peter Bushby.
This may signal that more needs to be done to help out buyers that are entering the market for the first time.