Doubts over affordability of the Australian dream

OWNING your own home is still the Australian dream according to new research by Westpac.

A new survey revealed nearly 9 in 10 home owners and first home buyers still believe owning your own home is the Australian dream.

86% of those surveyed also believe owning a property is a pathway to wealth. This is up five percentage points from 2015.

79% also believe owning a home is a reflection of one's success in life, up seven points from 2015.

Buying your own home is more about having family and friends who can help than it used to be, with people three times more likely to borrow money from family or friends than they were five or more years ago. 

Chris Screen, Westpac Group Head of Home Ownership said "As the Australian property market becomes increasingly tough, first home buyers are looking for different ways to achieve their home ownership dream."


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