Record low interest rates, softening inflation and lower fuel prices are giving Australians reason to be more optimistic about their standard of living, new research shows.
For the past two years, national insurer AAMI has surveyed Australian renters about their impressions of the housing market and how they feel about the likelihood of their being able to afford their own home.
AAMI Executive General Manager Anthony Durakovic said, "Now, there are signs that things are looking up."
Approximately 49% of Australian renters think home ownership is out of reach, down from 52% last year. And this year, about 35% of renters say they are happy renting and have no plans for a mortgage, compared to 39% in 2008.
"This suggests that the softening housing market and lower interest rates are bringing buyers back into the market."
Among those Australians who continue to rent, more than half (56 per cent) say rising costs associated with buying a home have influenced their decision to continue to rent.
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