Are Australians Better Off Not Buying a Home?

The Australian Dream has long been focused on buying a house. But what if Australians are better off not buying at all? Let's weigh up the pros and cons.

For many years, the big Australian Dream involved a quarter acre block, a patch of lawn and a Hills Hoist.

The stark reality for a growing number of people is that buying a property feels out of reach.  83% of Australians who don't own a property are worried about being able to afford their first home.  The Australian Dream used to hing on buying property for a sense of security and stability.  But as the past two years have shown, property prices don't just go up.

Perhaps the dream is simply evolving, and for the better.  32% of households across the country are renting and this number is on the rise.  Many of us are embracing apartment living and the benefits this can bring.  Economic modelling by EY has shown that over a period of 10 years, renters actually came out in front financially more often than homeowners.  Renting is far from dead money after all. 

This makes sense in quite a number of ways.  Renters can choose to invest the money they'd otherwise save for a deposit into other investment options or building a small business. There are the savings of not having to maintain the property, because this is someone else's problem (hooray!).  And on top of this, renters can choose to live in more central areas with better access to jobs in the city and surrounds.  

The only downside is that renters can feel a sense of instability and transience thanks to short-term lease arrangements.  A recent ABC 730 Report story covered the story of one couple who decided to rent because they saw the financial advantage of renting over buying.  They saw on opportunity to get their money to work harder for them over and investing in the property market.  Ultimately they decided to buy despite this - because they were so sick of moving as rental properties were sold and the lack of security in leases meant they didn't get the chance "to make a house a home". 

So how can you live the dream without owning?

Build to rent is an alternative housing option, and LIV will be the first of its kind.  We aim to answer all of the essential qualities for a life well lived.

  • You can take advantage of long-term leasing options where you can truly settle into the local neighbourhood. Lock in an arrangement that suits you and your family, for stability and security.
  • You can embrace the social aspects of having regular community events planned and a range of shared amenities, like co-working spaces and rooftop barbecues.
  • You can choose your ideal new apartment, and paint and hang artwork to your heart’s content. Pets are welcome, and there are even dog washing facilities onsite for your furry friend.
  • And, you can choose how many parking spaces you need (or don’t), whether you’d like extra storage, and whether you’d like to work from home for the day in your building’s fully equipped office space.

Forget the Hills Hoist, the whipper snipper and the 30-year+ mortgage. The new Australian Dream is more flexible and connected than ever before and makes more room for the important things.

 

There's a better way to live

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