Source: MIL-OSI Submissions
:start Source: Commonwealth Bank of Australia
A quarter of Aussies have considered buying a property with friends or family because of affordability concerns.
Saturday, 20 November 2021 – New research from CommBank has revealed that a quarter of Australians have considered buying property with a ‘non-traditional’ partner including parents, siblings or friends.
When asked what was driving this trend, over two-thirds said affordability was the main driver, followed by buying a bigger/better property and spreading the financial risk if anything went wrong.
Commonwealth Bank’s Executive General Manager of Home Buying Dr Michael Baumann said while rising house prices build equity and help create wealth for incumbent owners, they also pose affordability challenges to first homebuyers looking to enter the market, and those looking to sell and upgrade. As this trend continues, it’s important that lenders support customers with innovative lending solutions that help them get on to the property ladder.
“Property Share is a little known feature among customers but with growing challenges around housing affordability, it may be appealing to customers who are looking for new ways to be able to afford a property given the current market conditions,” he said.