Lifestyle

Aussies put off holidays and flash cars to buy first home

AUSTRALIANS are putting off major life goals in order to buy a home, a new survey has found. 

A national survey commissioned by industry super fund−owned bank ME found Australians are putting off holidays and flash cars in order to achieve the great Australian dream of buying a home.

In a survey of 2,036 Australians, ME asked if any had sacrificed life goals to buy their first home. 

Nearly half of Australians (49%) revealed they've delayed important life goals to secure a foot on the property ladder.

Delaying or downgrading holidays is the most common sacrifice (30% of respondents), followed by delaying or downgrading a car purchase (21%).

Love, marriage and babies also get sacrificed in favour of buying and paying off a home:

• 14% of Aussies delayed or decided to have fewer children
• 12% delayed or downsized their honeymoon
• 10% delayed or downsized their wedding

But there are some non-negotiables.

Of those with children, only 7% decided to send their children to a less expensive school; and only 6% delayed or sacrificed starting their own business due to their mortgage. 

Gen Y sacrificing more

The research shows that over two thirds of Millennials (69%) had put off life goals in order to commit to a mortgage, significantly more than Gen X (46%) or Baby Boomers (41%).  

• 41% of Millennials are delaying or downsizing holidays compared to a 30% average.
• 27% are delaying or downgrading expectations on the type of car they want to buy compared to a 21% average.
• 24% are holding off having a family or deciding to have less children compared to a 14% average.
• 23% are cutting back on or delaying weddings and 21% are doing the same with honeymoons compared to a 10% and 12% average respectively.

ME Head of Home Loans, Patrick Nolan, said the research indicates Millenial first home buyers are doing it tougher than previous generations.

"Everyone who buys a house makes sacrifices in order to meet that commitment, but it's getting more difficult − not surprising when house prices have more than doubled since 2000, out-stripping rises in real incomes.

"Fortunately there are a number of smart strategies first home owners can deploy to make it easier, like buying with friends or family, buying in alterative locations, or starting out with an investment property.
 

Topics:  first home goals survey



Foodies' scavenger hunt: are you up for it?

IF YOU want to give your tastebuds the flavour sensations of a lifetime, here is the ultimate foodie’s scavenger hunt through Brisbane.

5 minutes with Israel Folau on footy, life and love

Israel Folau and Silver Fern netballer Maria Tutaia announced their engagement last last year.

WE CAUGHT up with football star and Brisbane ex-pat Israel Folau.

10 reasons to head to South Bank this summer

Head to the only inner-city beach in Australia!

South Bank has a ridiculous amount of fun things to do.

Five mammoth events you need in your life

No Caption

BRISBANE isn’t known for doing things by halves…

How to make your child's every dream come true...

Take a dip at South Bank in the inner-city beach.

‘I DON’T want to do fun things, Mum and Dad’… said no child ever!

How to do Eat Street the right way

Know where to start and where to end to avoid a huge food coma before you get to experience all the goodies!

EVERY Friday and Saturday night, Hamilton comes alive.

You can do WHAT in Brisbane?!

Talk about arriving in style! Take your pub crawl to the next level with a helicopter!

BET you didn't know you could do these things in Brisbane...

CLOSED: Massive clothing chain shuts down for good

Sixty-eight stores employing 560 people will close by January 31

Fraser Coast fuel prices low compared to south

Hervey Bay motorists were paying 130.9 cents a litre for unleaded petrol on Monday.

Sunshine Coast had the most expensive fuel.

Local Partners

Kylie Minogue will take husband's name

Kylie Minogue will take her fiancé Joshua Sasse's surname

Nicole reveals her biggest parenting challenges

Actress Nicole Kidman.

Nicole Kidman says her kids are ‘deeply attuned' to her moods.

Suicide Squad director reveals his regrets about the film

Margot Robbie in a scene from the movie Suicide Squad.

DIRECTOR of superhero flick on what he’d change about ‘flawed’ film.

Meet the new Marco on MasterChef Australia: Yotam Ottolenghi

Israeli-born, London-based chef Yotam Ottolenghi will be a guest chef for a week on the 2017 season of MasterChef Australia.

AFTER Marco’s defection to Seven, MasterChef signs a true food hero.

Big Bang spin-off to be about kid Sheldon

Jim Parsons in a scene from the TV series The Big Bang Theory.

Actor Jim Parsons has dished on an upcoming Big Bang Theory spin-off

How Adam Brand’s Nashville dream fell apart

Country music singer Adam Brand talks about how heartbreak stopped him chasing his Nashville dream.

SINGER reveals how heartbreak stopped him from chasing his dream.

Stockland's $150m pitch: Build it and they will come

Gladstone Marina. The Gladstone Regional Council offers a range of exciting job opportunities. Photo Contributed: Murray Ware.

Here's why we need to see Stockland upgrade start soon.

First home buyers the "lifeblood” of Fraser Coast market

CoreLogic property statistics reveal the region's median house price of $300,000 did not change in the September quarter.

Median house price of $300,000 remains steady in September quarter

By the water's edge

Secure your seachange

HOT PROPERTY: Money to spend on land, buildings

File picture.

Sale, leasing of industrial real estate picks up in Mackay

Collapsed Coast company could owe up to $5 million

Staff, ATO, landlords among those out of pocket.

Ready to SELL your property?

Post Your Ad Here!