For a first time buyer, getting into the property market can be a scary thought. With house prices always on the rise, and now the looming threat of interest rate increases, it's no wonder some are being scared off the prospect of buying a house for good.
A new survey from finder.com.au has revealed 35% of Australians have abandoned their dream of buying their own house.
The researchers were also able to get a breakdown of reasons. One in four Aussies think they have been completely priced out of the market, meaning buying a property is completely out of reach in their current financial position.
11% have also given up on the dream of winning an auction, because they don't want to sacrifice their current lifestyle.
Money expert Bessi Hassan says the results are surprising.
“Many Aussies are disenchanted with the homeownership dream, believing property is unattainable. But the research also shows Aussies are being realistic by acknowledging that some sacrifices need to be made.
“It might mean you’re saving a deposit for ten years instead of five, but if you persevere, chances are you’ll be one step closer to being a proud homeowner,” Ms Hassan says.