You’ll need to be Money Smart to achieve the Great Australian Dream


While a growing proportion of Australians believe the ‘Great Australian Dream’ of property ownership is becoming increasingly difficult to achieve, it is not impossible.

72% of Australians believe if they don’t get ‘money-smart’, they will be left behind financially, so many buyers are using different tactics to get on the property ladder and, eventually, into their dream home.

To help you become ‘money-smart’, Mortgage Choice highlighted some of the best buying and savings hacks you can implement.

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Unfortunately, many of us won’t be able to afford our dream home straight off the bat.

But, instead of feeling discouraged, the key is to remain optimistic and try another approach.

In the Evolving Great Australian Dream Whitepaper, 1 in 4 Australians said they purchased an affordable home in the first instance and then ‘progressively upgraded’ into bigger and better properties over the years.

Buying apartments instead of houses

Data shows that, on average, apartments sell for less than houses. 

As such, an increasing proportion of first home buyers are opting for an apartment rather than a house.

This transition into apartment living is a long way from the ‘traditional Great Australia Dream’ of owning a free-standing, suburban house on a quarter acre block

Moving to more affordable suburbs

According to the Evolving Great Australian Dream Whitepaper, 20% of Australians bought further from the city than they would have liked simply because a property is more affordable in the outer suburbs.

At the end of the day, if property ownership is your goal, sometimes you have to make various sacrifices in order to make those dreams a reality.


Rentvesting is the act of buying an investment property where you can afford and then rent in the area you wish to live. property

Data from Mortgage Choice shows this is becoming an increasingly popular method with first time buyers, with as many as 30% buying an investment property before an owner occupied dwelling.

So what’s the benefit of rentvesting?

Rentvesting gives buyers the chance to get on the property ladder and build equity in a property, all whilst having the freedom to live in their desired area.

Buying property with family & friends

Co-buying property with a friend or family member has become an increasingly popular purchasing method amongst first home buyers in recent years. Buying-a-new-property-off-the-plan-Feature-RET-300x200

Data from Mortgage Choice shows 1 in 10 Australians have co-bought with someone else in order to get their foot on the property ladder.

But while there are many benefits associated with co-buying property, it is vital that anyone thinking of entering into this arrangement seek legal counsel before heading down this path.

You want to have proper contracts in place that detail exactly who is responsible for what – as this will protect all parties involved.

Moving in with parents to save

Living with family is a great way to reduce day-to- day expenses and ultimately free up some of your cash flow – cash flow that can then be injected into your savings account, where it will form part of your future home deposit.

Read more: Mortgage Choice


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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit

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