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Buying a home more important than children

The Australian dream has generally been known as the ability to buy a house with a yard big enough for the kids to play in. That dream still exists, but it seems the yard is no longer a huge priority because kids aren't high on the agenda.

Results from a survey, conducted by RAMS Home Loans, reveal buying a home is now regarded as a higher priority than having children.

Around 62% of respondents aged from 25 to 45 consider purchasing their own pad their most important achievement, while just 31% of respondents say having children is their number one wish. The remaining 7% were unsure.

RAMS chief executive officer Melos Sulicich says the data indicates owning a home has significant social implications.

'We see a sense of urgency in many people when it comes to getting into the market, with Australians delaying other major personal life decisions, such as weddings and children, to become property owners,' Sulicich says.

Owning a home is also influencing how much couples are prepared to pay for their wedding. In other words, the lower the cost of the wedding, the more they can put towards owning a home.

'Not so long ago debt was once considered a social stigma, but these days it's regarded as a fact of life that holds major influence in the decision making of Australians,' she said.

Source: Australian Property Investor. http://www.apimagazine.com.au/api-online/news/2011/07/buying-a-home-more-important-than-children. 13 July 2011. Reproduced with permission.