1 in 10 Australians have changed their mind about building a home

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.

About Brett Warren Brett Warren is Director of Metropole Properties Brisbane and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their build their wealth through property.