Young Kiwis defiantly pursuing home ownership - study
The Kiwi dream of home ownership is still alive for many young Aucklanders despite soaring property prices, according to a recent Barfoot & Thompson survey.
The survey of more than 500 Aucklanders aged between 18 and 34 found 91 percent want to own their own home one day, for a variety of reasons including stability, financial security and investment potential.
"Many also noted the less tangible sides of home ownership -- like having a place to bring up a family, and it being a long-term achievement they can take pride in," says Barfoot & Thompson managing director Peter Thompson.
Of those aspiring homeowners, 70 percent still have their hearts set on owning a stand-alone house, while just 9 percent are considering an apartment.
It's a long-term dream for many of them though -- 31 percent of those wanting to buy their own home say it will be at least a decade before they reach their goal.
While the home ownership dream may still be alive, the survey indicates Auckland's tough property market is tempering the expectations of prospective first home buyers.
Home ownership in New Zealand is seen as an achievable goal by 59 percent of those who hope to buy one day, but just 38 percent say it's achievable for them in Auckland.
The survey also found that half of those who want to buy a house are actively working towards their dream -- with many saving for a deposit, cutting costs, looking at alternative locations and working extra hours.
"This is a different view from what some may have predicted of Auckland's young and aspiring home owners, and further supports the view that they haven't given up on their Kiwi dream," says Mr Thompson.
The survey also showed that among those actively pursuing home ownership, one in three are living with family and/or delaying having children in order to achieve their goal.