More than half of potential future Australian homebuyers believe they can afford a standalone house in the next five years. A survey by Great Southern Bank of 1,500 prospective homebuyers found that 55% of first-home buyers plan to buy a standalone house in their desired location by 2027.

The data from Great Southern Bank revealed that most are prepared to make trade-offs to achieve their home ownership dreams.

For example, 71.6% of all respondents would consider buying an apartment or unit as another means of housing and 24% said they would be willing to move to a less desirable suburb to buy their ideal house.

Great Southern Bank’s chief customer officer Megan Keleher says it’s great to see Australians not giving up their dream of home ownership.

She added that the vast majority of Great Southern Bank home loan customers are ahead on their repayments, showing they are financially prepared to manage any further interest rate increases.