Survey: Homeownership the highest priority for many Australians in the coming year

23.8.13If you’re considering purchasing property in the near future, you’re definitely not alone. Homeownership has always been a goal for many Australians, with the dream of owning property being high on many people’s list of wants for the future.

The latest Westpac Home Ownership Report has highlighted this fact, with the majority of respondents stating that purchasing property was their top priority for the next 12 months.

57 per cent of survey respondents said that owning a home or paying off their mortgage sooner was the top goal for them in the coming year, far outshining more traditional priorities. Only 8 per cent of participants indicated their desire for children, and 5 per cent said they were looking forward to marriage.

Furthermore, 77 per cent of respondents claimed that true homeownership was only achieved when their home loans were paid in full, as opposed to when they first purchase the property and take out a mortgage.

Baby boomers were found to be the age group most likely to own their homes outright, while Generation X were more likely to be paying off a home loan at the current time. Generation Y are more likely to be looking into purchasing property, rather than having secured their own already.

Furthermore, Australia has been ranked the 12th highest country in the world with regards to homeownership – outranking other countries like Canada, England, New Zealand and the United States of America.

Gai McGrath, the general manager for retail banking at Westpac, stated that these results emphasise the growth of purchasing property among Australian citizens.

“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 Ms McGrath in an August 19 statement.

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