Harmonious Coexistence of Mortgage and Happiness: Insights from Homeowners — Sydney’s Auction Clearance Rate Hits 65%

Week’s Key Focus

The latest research report indicates that despite the increasing issues surrounding housing affordability and the rising pressure of mortgage payments, the majority of people still believe that owning their own home is crucial to their sense of happiness.

Research from the Great Southern Bank demonstrates a clear connection between homeownership and happiness compared to those struggling in the rental market. According to the report, long-term renters are the least happy group, with only 29% expressing that they feel happy or very happy. The report reveals that homeowners without mortgages and those from the baby boomer generation are the happiest, with 57% in each group stating they are satisfied with their current housing situation.

The report also found that 51% of renters feel that their financial commitments are a significant burden, as the tight rental market continues to drive up prices across Australia.

Despite economic challenges, nearly one-third of renters remain confident in achieving their goal of buying a house.

Megan Keleher, Chief Customer Officer at Great Southern Bank, suggests that despite the challenges, the report confirms that this trade-off is worthwhile. Owning a home is a long journey and it can be difficult; however, it is clear that as Australian homeowners build equity over time, they become happier.

Young Australians often find that saving for a deposit is one of the biggest obstacles to purchasing a home. Although the journey to achieving this goal is fraught with challenges, aspiring homeowners can take some simple steps. For those who find saving for a deposit difficult, Ms. Keleher recommends considering the various options and supports offered by numerous government initiatives.

Rouse Hill

Auction Results Last Week

Sydney: 857 properties were auctioned, with results reported for 509 of them. Out of these, 329 were sold, resulting in a clearance rate of 65%. The total value of properties auctioned amounted to AUD 358,578,300, with a median property price of AUD 1,462,000.

Melbourne: There were 281 properties auctioned, with results reported for 189 of them. Among these, 113 were sold, leading to a clearance rate of 60%. The total value of properties auctioned reached AUD 87,468,700, and the median property price was AUD 812,000.