Owning a home may be the key to happiness, a new study has found.
As affordability issues and mortgage stress woes grow, a majority of respondents still believe owning a home is essential to happiness, new research reveals .
Great Southern Bank research showed a clear link between happiness and home ownership compared to those navigating the rental market.
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Homeowners are recorded as being the most satisfied with their living conditions.
According to the report, long-term renters were recorded as the unhappiest group, with only 29% saying they were happy or completely happy.
Details: Finger Wharf is nice
Homeowners without a mortgage and baby boomers were the happiest, with 57% of each group saying they were satisfied with their current housing situation.
The report found that 51% of renters are feeling financially strained as prices continue to rise due to the tight rental market nationwide.
happiness report nsw real estate
Despite financial challenges, nearly one-third of renters are confident they can achieve their homeownership goals.
Read more: Key statistics are welcome news for Australian homebuyers
Opera house designer's dream property is now for sale
Megan Kelleher, chief customer officer at Great Southern Bank, said despite the challenges, the report confirmed it was worth the trade-off.
“Homeownership is a journey, and we know it can be difficult,” she says.
“However, it is clear that Australian homeowners become happier over time as they increase the equity in their home.”
Ms Kelleher said young Australians often found deposits to be one of the biggest barriers to home ownership.
Home ownership – the key to happiness? Photo: Julian Andrews.
“The journey to get there will be fraught with challenges, but there are simple steps you can take to achieve your aspirations.
“Buyers can get help getting onto the property ladder,” she said.
Mr Kelleher said for buyers who find it difficult to save on their deposit, consider the various options and assistance available from several government initiatives.
“Some, like Home Warranty Schemes, are expanding eligibility criteria to help more first-time buyers, not just those who haven’t owned a home in years.”
The eligibility criteria for the home warranty program has been expanded.
Twin brothers Andrew and Zac Cornell are among the first home buyers to take advantage of expanded eligibility criteria under the Australian Government's Home Guarantee Scheme.
Previously only available to couples or single applicants, access to the First Home Guarantee and Region First Home Buyer Guarantee will also be extended to siblings, friends, and family members starting July 1, 2023. Expanded to allow joint applications.
Read more: Australian house prices hit record high, according to PropTrack
Andrew and Zach Cornell, 22-year-old twins, bought their first home together.
“When we turned 20, we opened a joint savings account and put ourselves on a strict savings plan. To make this happen, we saved seriously for three years,” Andrew said. Ta.
“It was all about discipline. Once I started putting aside a certain amount of money each month, it was surprisingly easy to save.”
Read more: Menulog founder's insane $200 million+ mansion
“Price reduction”: Warning to landlords
