More than one third of Australians who are either home owners or aspire to buy in the future no longer believe it’s the best way to guarantee their financial future.
Westpac recently had Ipsos , and ask them to agree or disagree with certain statements on a sliding scale.
The results of a survey 2,000 people who either own property or intend to buy indicate Generation Y is losing faith in the value of property, with around 45 per cent of respondents aged 20 to 34 agreeing that owning a home is no longer the best way to guarantee financial security.
One third of Generation X, aged between 35 and 49, feel the same way, while baby boomers were more likely to still believe property is the best way to secure their finances, according to the report from market research company Ipsos, commissioned by Westpac.
Some 33 per cent of respondents thought investing in shares and assets other than property is a better option to make money in the short term, and the days of profiting from buying and selling property are gone.
Two thirds of aspiring first home owners surveyed said high house prices were preventing them from entering the property market, and more than one in four identified potential interest rate rises as a factor stopping them from taking the plunge.
Buying in the outer suburbs or city fringes would be considered by around three quarters of aspiring first home owners, if there was better access to public transport, infrastructure and job opportunities.