Money.com.au commissioned a survey of an independent panel of 1003 Australians to discover whether homebuyers intend to purchase a property a lower price point and the actions they will take to reduce the cost.
The pool of survey respondents matches the age and geographical spread of the Australian population.
Money.com.au sought to uncover whether Australians would actively change their property buying behaviours or criteria to ensure they pay less for a property.
This compares with:
Younger age groups are also more likely to look to buy property at a lower price point: - 86 per cent of 18-34-year-olds,
|Response||Age: 18-29||Age: 30-54||Age: 55+|
I am not
Survey respondents also identified their relationship status, with an interesting segment of this respondent pool revealing they aren’t interested in purchasing a property at a lower price point.
While a high proportion of respondents who indicated they were:
Would actively try to find ways to purchase a property at a lower price point
|Response||Single||In a relationship||Engaged||De facto||Married||Divorced||Separated||Widowed|
I am not
Respondents were asked to specify the actions they would take – from a list of five – to help them purchase a property at a lower price point.
Respondents across the States were similarly prepared to wait a few months before purchasing a property, in the hopes of a further price drop.
A smaller proportion of respondents selected other actions to help reduce the cost of a property purchase, with minimal differences across the States. Specifically,
More South Australians indicated they would purchase an older home
A slightly larger proportion of Victorians would also buy in a lower-priced area,
Wait a few months
Buy a smaller home
Buy an older home
Buy in a lower-priced area
Buy a property with family
I am not looking to purchase at a lower-price point
Younger Australians are more likely to wait a few months to ensure they pay less for a property:
Across the age groups, there was slight variation between other actions respondents would take to help them purchase a property at a lower price point. Specifically,
A small proportion also indicated they would buy property in a lower-priced area:
A larger proportion of younger respondents would also purchase an older home:
Money.com.au also analysed the survey results across work status. Employed, self-employed and unemployed respondents were similarly prepared to wait to buy a property.
Respondents who indicated they were self-employed were also more likely to purchase a smaller home,
More employed and self-employed individuals would also buy in a lower-price area,
Money.com.au want to make managing money easy and fun! By giving Australians simple tools so they can make the best decisions they can about their money.
We understand that the world of finance is complex, and offer free, extensive guides on Personal Loans, Car Loans, Credit Cards, Home Loans and Business Loans, along with Financial Health tools such as Credit Score.
All so we can help you better manage and understand personal finance.