The Daily Telegraph reports that a national survey, branded as Australia’s largest outside of the official Census, has revealed that over half of NSW residents between 25 and 29 believe that home ownership is no longer realistic.
The survey, which consisted of Commonwealth Bank customers, varied considerably suburb to suburb. In the more affordable Sydney suburbs of Cartwright and Kemps Creek, above 70 per cent of people still agreed that owning a home is realistic. The figure dropped to just 39 per cent when Bondi Junction residents gave their opinion.
Western Sydney residents remain the most hopeful, with 60 per cent optimistic they will own their own homes. Only 39 per cent of Sydney’s CBD and east share the same outlook, while the number sat at 48 per cent in Sydney’s North.
The State Government has announced changes such as stamp duty relief in a bid to increase housing affordability, but experts claim that more needs to be done.