Is the great Australian dream just that? A dream?
To answer this the following further questions could be asked:
- Is it getting harder to realise the great Australian dream?
- Who experiences the most housing stress?
- How affordable are Australia’s 25 largest cities?
- What are the trends in affordability?
- Are any suburbs in Australia’s major capital cities affordable?
Some of the machinations behind the scenes that can influence the answer to these questions include housing stress, proportional income and house price to household income ratio.
The key to understanding house prices is to digest that there has been a shift from affordable to somewhat unaffordable over the last 10 years. The past decade gave rise to this dramatic drop in housing affordability. At the start of the new millennium Australian housing was considered affordable to most. Today it is becoming harder for this statement to be justified.
Australia can be considered to have one of the least affordable real estate in the developed world, however the dream of owning a home has not diminished. Entering the property market is still considered a key priority to most people.
This may be attributable to the tradition of home ownership and its firm entrenchment through the notion of the ‘aussie dream’. This has developed over many decades and continues to be passed down from one generation to the next.
Those wishing to enter the property market today are finding alternative ways of achieving this ‘aussie dream’ in this ever diverse landscape of unaffordability. The point of interest is that their goal is no different to those that came before them; that is to secure their financial future from owning their own principle place of residence instead of renting.
The Australian people have always been renowned for their determination in the face of adversity and today’s generation is no exception. Despite the ever changing, modern world of real estate it still holds true that Australians will continue to aim for the great Australian dream for many years to come.
Alert Property Group is an expert residential agency. Contact us today for all your real estate needs.