Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
25% think being unable to afford a house impacts success

25% think being unable to afford a house impacts success

A quarter of Australians believe that not being able to afford to buy a house impacts their chances of achieving success in life, new research has found.

According to the third and final chapter of NAB’s white paper 'Rethink Success: working for success in the digital age', 25 per cent of the 2,019 people sampled believed that “not being able to afford to buy a house” would impact their chances of “achieving success in [their] life”.

The white paper was commissioned by NAB to explore Australians’ views on the importance and relevance of quantitative measures of success such as wealth, status and home ownership against qualitative factors such as experience, personal fulfilment and wellbeing.

Advertisement
Advertisement

When asked to select the “issues believed to impact [their] chances of achieving success in [their] life”, a quarter of respondents said they also believed that having “too much personal debt”, such as loans and mortgages, would impact their chances of success.

Other barriers to success included the rising cost of living (55 per cent), health (46 per cent), an unstable economy (33 per cent), a slow-growing Australian economy (33 per cent), and “another GFC” (27 per cent).

The research comes following on from the news that the percentage of first home buyers in the owner-occupier market has plunged to the lowest level in a quarter of a century, with numbers decreasing by 6.7 per cent to 21,825 during the September quarter 2016. That is a decline of 5.8 per cent compared to the September quarter 2015 and the lowest figure recorded since ABS records began in June 1991.

The housing market in Australia is notoriously expensive — with all of Australia’s five major housing markets having been classed as "severely unaffordable" by a recent report, with Sydney ranked as the second least affordable in the world after Hong Kong.

Research from The 2017 Deloitte Millennial Survey found that the rising cost of housing in Melbourne and Sydney is also “partly to blame” for an increase in young Australians’ pessimism about their financial and emotional wellbeing.

[Related: Australia’s housing markets ‘severely unaffordable’]

25% think being unable to afford a house impacts success
mortgagebusiness

Annie Kane

Annie Kane is the editor of Mortgage Business.

As well as writing news and features on the Australian mortgage market, financial regulation, fintechs and the wider lending market – Annie is also a regular contributor to the Mortgage Business Uncut podcast.

Before joining Momentum Media in 2016, Annie wrote for a range of business and consumer titles, including The Guardian (Australia), BBC Music Magazine, Elle (Australia), BBC Countryfile, BBC Homes & Antiques, and Resource magazine.

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

Regulators could move to set caps on loan volumes for borrowers with high debt-to-income ratios if the housing market recovery continues to ...

The federal Treasurer has welcomed the final budget outcome for the 2019 financial year, which shows that the deficit now equates to zero pe...

The Federal Reserve has slashed rates for the second consecutive month, “reinforcing” the necessity of further cuts to the cash rate in ...

FROM THE WEB
podcast

LATEST PODCAST: New lending launches

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.