More Australians have given up on buying property, with triple the number of first home buyers preferring to rent than commit to a mortgage.
A survey by comparison website finder.com.au found that 32 per cent of respondents would prefer to rent than buy property, compared to just 10 per cent last year.
The survey also showed that 41 per cent of Australians were planning to save a smaller deposit to get into the property market sooner, compared to 62 per cent in 2013.
Saving enough for a deposit is still the biggest concern for prospective homebuyers, with 38 per cent finding it difficult to save, down from 51 per cent from the previous year.
However, 16 per cent of respondents are concerned that they won’t be able to meet mortgage repayments, compared to 29 per cent last year.
Michelle Hutchison, spokesperson for finder.com.au, said that while first home buyers are not in a hurry to enter the property market, now is likely to be the cheapest time to afford a mortgage.
“There is still hope for first home buyers who want to get into the property market,” she said.
“Property is one of the safest and best long-term investments because it’s likely to rise in value over a long period of time, so it’s worth considering your options.”