Property dreams on ice
Barfoot & Thompson has surveyed the first home ownership aspirations of young Aucklanders, and the results make for surprising reading.
While 91% of those surveyed (who were between 18 and 34) want to own their own house, and 49% were actively working towards doing so, most didn’t anticipate that they would anytime soon.
Nearly a third (31%) said it would be 10 years or over before they could purchase a house. Even among the older respondents (25 to 34), 55% said buying a house was five or more years away.
Barfoot & Thompson managing director Peter Thompson said responses indicated this was due to the high costs of buying in Auckland and difficulty saving the required deposit.
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