Desire to Buy: Going, Going... Pretty Much Gone

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• Publié par: aami
• Nombre de lectures: 9
• Langue: English

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Desire to Buy: Going, Going... Pretty Much

Gone

PR Newswire

MELBOURNE, Australia, May 31, 2012

MELBOURNE, Australia

,

May 31, 2012

/PRNewswire/ --

Millions of Aussies may be experiencing mortgage stress, but 'mortgage apathy'

is the latest trend on the block, according to new research from leading

national insurer AAMI.

Young renters in capital city areas are increasingly dropping out of the race to

get a foot on the property ladder, with 8% fewer saying they feel the pressure

to buy a house than there were in 2010. Over one third of young city renters

that say they're happy renting with no plans to buy a property. A double‐

whammy of high housing prices and global uncertainty around property prices

could be to blame for the rise of 'mortgage apathy', with younger city renters

preferring to hold tight, rather than make what is likely to be the biggest

financial decision of their life.

Key findings:

31% of city renters aged 18 to 24 report feeling pressure to get a mortgage,

compared to 39% in 2010.

35% of city renters aged 18 to 24 say they are happy renting with no plans

to get a mortgage, compared to 29% in 2010.

While Australians are typically achieving life's milestones like getting married,

having children and buying a house later in life, this is not enough to account

for such a dramatic rise in "Mortgage Apathy", according to Reuben Aitchison,

Corporate Affairs Manager for AAMI.

"Twenty or thirty years ago average house prices in

Australia

were three to

four times the average salary, whereas today we are looking at a multiple of

seven times. Saving for a deposit is increasingly out of reach for young people

today, and if they are going to get a foot on the property ladder they want to

wait till they know they are investing at just the right time.

"We know that people who own their own home tend to take a greater sense of

responsibility for their dwelling. But this is a new trend and we will watch with

interest to see how longer‐term renting affects the way tenants treat their

dwellings and therefore the effect on risks faced in and around the home."

About AAMI

AAMI is a leading national car insurer, recognised as an industry innovator

providing award‐winning products and customer service. AAMI has become

synonymous with road safety and invests in both customer and academic

research around unsafe driving behaviours, as well as rewarding customers

through benefits like Safe Driver Rewards. Australian Associated Motor Insurers

Ltd (AAMI), ABN 92 004 791 744.

About the Indexes

Newspoll Market & Social Research conducted an independent internet survey

of 3,121 Australians, 18 years of age and older, across all states and territories

in 2012 including 184 renters aged 18‐24 years in ACT,

Sydney

,

Melbourne

,

Brisbane

,

Perth

and

Adelaide

. Collected data has been weighted in line with

current ABS population demographics to ensure any extrapolation of results is

representative of age sex and area.

Newspoll Market & Social Research conducted an independent internet survey

of 2,812 Australians, 18 years of age and older, across all states and territories

in 2010 including 284 renters aged 18‐24 years in ACT,

Sydney

,

Melbourne

,

Brisbane

,

Perth

and

Adelaide

. Collected data has been weighted in line with

current ABS population demographics to ensure any extrapolation of results is

representative of age sex and area.

For more information or to arrange an interview or grabs, please

contact:

David Skapinker Corporate Affairs [phone]

[e-mail]

Belinda Humphries Corporate Affairs [phone]

[e-mail]