The Genworth Financial Mortgage Trends Report sheds light on developments in the Australian mortgage and property markets, based on a survey of over 2,000 adults. The report presents the findings of the fourth annual survey and provides insights into the changing attitudes of Australians.
Highlights from the report include:
- The desire to own property in Australia is as strong as ever. However, declining housing affordability, growing financial pressures and spiralling rental prices are making it more difficult.
- Proportion of respondents who anticipate mortgage repayment problems has steadily increased over the past two years from 15% in 2006 to 18% in the 2007 survey. In 2008 however, there is a considerable increase to 27%.
- There is a significant shift in consumer attitudes towards owning property, managing debt and coping with declining housing affordability. Although the desire to own property is as strong as ever, property ownership itself is actually declining, as is the proportion of mortgage-free property owners.
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