A new survey shows that the Australian property dream is still within reach, but the traditional notions of home ownership are being challenged.
The survey results were published in the CommBank Connected Future Report through a partnership with CommBank and social researcher Claire Madden.
It reveals most Australians still believe obtaining property is possible, but the dream of the standalone house on land has been traded in for other housing options.
According to the report, 48% of new residential approvals in the last 12 months have been for medium- or high-density dwellings.
Seven out of 10 first-home buyers surveyed purchased a house in the last 12 months, 16% plan to build a house after buying vacant land and 15% bought a unit or townhouse.
“The remarkable insights emerging from the CommBank ATM data overall is the resilience and tenacity Aussies have in the face of economic uncertainty,” Madden says.