First home buyers forego creature comforts
First home buyers are cutting back on buying clothes, cars and computers to ensure they have enough money to achieve the great Australian dream.
More than half forego clothes, while just under half cut back on social outings to help save for their first home, according to the First Home Buyer Report by website realestateVIEW.com.au.
More than a third forego holidays, the survey found.
First time buyers aged under 30 were the most willing to make lifestyle sacrifices to save a deposit.
That said, most first home buyers and owners are aged in their 30s and 40s, with just a quarter of buyers and one in 10 owners under 30.
The report is based on a national online survey of more than 1,000 Australian first home buyers, first home owners and non-buyers.
More than a third of those surveyed have not bought because they believe home prices are too high.
And just short of a third wanted to save a bigger deposit before buying.
Half of first home buyers and more than 60 per cent of first home owners have children, another indication Australians are taking longer to enter the market.
General manager of realestateVIEW.com.au Petra Sprekos says the typical order of home ownership followed by children has been "flipped on its head".
"When we think of first home buyers, we think of singles or couples in their twenties. But, the reality is the road to achieving home ownership is longer and harder than it once was," Ms Sprekos said.
"You need a lot behind you and a good income in order to afford it these days, and that can take many years in the workforce."
Ms Sprekos said a small sub-group were choosing to spend their money on "life experiences" rather than a mortgage, but affordability was the main factor keeping most people out of the market.
