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First home buyer priorities: Pets over parents and no more nights out

A composite image of a sign out the front of a home indicating it has sold and a happy looking dog outside with its owner.
A composite image of a sign out the front of a home indicating it has sold and a happy looking dog outside with its owner.

It may not be the top priority, but Aussie first home buyers want to have adequate space for a pet more than they want to be near family, according to new research.

A new report from the Commonwealth Bank (CBA) found when faced with the trade-off, close to two in five (38 per cent) said space for a pet was extremely important when purchasing their first property, compared to just under a quarter (23 per cent) who ranked proximity to family as extremely important.

And while some pet owners could probably relate, the research found the number one priority was finding a property for the right price.

Around 69 per cent of first home buyers said it was extremely important for them to find a home within their budget.

Location of the property (57 per cent) and the type of property (52 per cent) closely followed.

What are first home buyers giving up to save?

With the cost of living hitting Aussies from all walks of life, CBA found first homebuyers were cutting back to save for a deposit.

The research found that just over eight in 10 (81 per cent) planned to ditch social outings, with nights out, social activities and dates all in the firing line.

Further, it seems future Christmas and birthday gifts might be looking a little scarce, with two in five (40 per cent) first home buyers saying they were willing to give up gifts for others to save quicker.

CBA executive general manager home buying Michael Baumann said the research showed that, while first home buyers did have their property “wish list”, they were willing to make compromises to achieve their goal of property ownership sooner.

“The ‘Great Australian Dream’ or aspiration of owning a home continues to remain strong among young Aussies who currently don’t own a property, with almost three quarters agreeing that buying their first home was one of their biggest financial goals,” Baumann said.

“This desire to enter the property market also means that first home buyers are prepared to be realistic. We found that close to nine in 10 are willing to compromise on their wish list in order to purchase a home sooner.”

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