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Home Ownership - Dream or Reality?
The Dream
The seeming advantages or dream of owning your own home are highly recognised and valued by Australian families. Home ownership often provides a secure home base where families benefit from a high degree of control, and an increase property values over time can lead to capital gains for home owners.
Governments have recognised the benefits of owning your own home and the associations with:
- Family stability
- Low housing costs in retirement
- An asset for liquidation in retirement
- Even wealth distribution
The Reality
The reality is home ownership has fallen over the last 10 years, even though Australia has had the longest term of economic growth. A reason for this is the price increase of property over the last two decades, and especially the last 5 years have locked first home buyers from entering the market.
Low affordability has forced individuals born between 1978 – 2000 to stay with their parents, and the rest to rent or live in shared accommodation. This so called Generation Y are finding it harder than their parents (baby boomers) who came into the world in a time of economic prosperity, easier job placements, and certainly less disruptions from globalisation.
But while affordability is harder for home buyers, there are still Australians breaking into the market, and Lending Hand Finance has helped many people realise the “dream”. Home ownership is achievable and we can step you in the right direction with finance, and explaining the costs of purchasing property.
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