What influenced Australians to no longer consider buying or building a home?
According to Compare the Market's latest research, 40.6% of Australians that were intending to build pre-COVID-19, one in ten have changed their mind and are no longer interested in pursuing a new home.
The most common reason why people had given up their dream of owning a new home is that the way already unaffordable house prices have continued to rise unexpectedly.
This is followed by a change in their financial situation and people finding the housing market too difficult to break into.
Other highlights in the findings include:
• 45-54-year-olds appear to be struggling the most with price hikes.
• There is an 11.36% increase amongst women not wanting to build given the current climate, in comparison to before the pandemic hit.
• Young adults under the age of 24 were the most likely of all age groups to cite difficulty breaking into the market.