New England residents continue to pursue home ownership and financial security despite mounting cost pressures, with new research suggesting regional NSW residents are more likely than their city counterparts to have already bought a home.
Research commissioned by NGM Group, the customer-owned bank behind Greater Bank and Newcastle Permanent, found regional NSW residents were 15 per cent more likely than metropolitan residents to have achieved home ownership.
The YouGov survey found seven in 10 NSW residents considered home ownership part of financial success, despite affordability pressures making it increasingly difficult to enter the property market.
Housing and financial security were the most sought-after milestones across NSW, with 52 per cent of respondents hoping to achieve those goals.
Lifestyle and retirement goals followed at 43 per cent.
NGM Group Chief Customer and Digital Innovation Officer James Cudmore said regional communities were providing Australians with opportunities outside the major cities.
“Across the country, we know the appeal of regional living has been on the rise, with diversifying incomes, regional innovation and great lifestyle benefits delivering real opportunities outside of major cities,” said Cudmore.
“Our regions are providing Australians with opportunities to achieve their goals sooner.”
While the research did not provide specific figures for the New England region, the statewide regional findings point to the continuing importance of housing affordability and financial security for people living outside metropolitan areas.
Financial circumstances were the biggest influence on milestone decisions, with 86 per cent of NSW respondents saying their financial situation had some or a strong influence on their choices.
More than half, or 54 per cent, said they were saving regularly from their income to reach their goals, while 51 per cent were cutting expenses or making lifestyle trade-offs.
Another 27 per cent were earning additional income and 25 per cent were relying on investment returns.
Despite the financial pressure, NSW residents remain reluctant to abandon their long-term goals.
Three in five, or 60 per cent, said they were willing to delay reaching important milestones as long as they eventually achieved them.
Another 61 per cent said they had made or expected to make significant sacrifices to reach their goals.
More than half, or 53 per cent, had reduced lifestyle spending, while 31 per cent were working longer hours or multiple jobs and 22 per cent had changed jobs or career paths.
Younger NSW residents were also more likely to report outside influences affecting their decisions.
Half of Gen Z and Millennial respondents said family expectations influenced their milestone decisions.
Gen Z and Millennials were also more likely than older generations to be influenced by what people around them were doing and by media, culture and society.
“While Gen Z naturally has more milestones still ahead of them, what stands out is how determined they are to achieve them, which challenges the idea that younger generations are no longer interested in the traditional Australian dream,” said Cudmore.
“Despite the affordability challenges and economic uncertainty they’ve experienced, our findings suggest that aspirations such as home ownership, family and financial security still really appeal to young people.”
“At their core, these goals are all about safety – a roof over your head, family there when you need a hand, a safety net for the future. Our world is changing a lot, and I think these goals are a very real reflection of these changes.”
Career and family aspirations also remained important.
More than three-quarters, or 77 per cent, of those seeking career progression believed it was achievable, with 80 per cent expecting to reach that milestone within 10 years.
Among those pursuing family and relationship goals, 80 per cent considered getting married achievable and 74 per cent expected to do so within the next decade.
“Most Australians have clear aspirations for their future. While the journey may look different depending on where you live, dreams of owning a home, building financial security and creating the life you want still ring true for all Australians, from our major cities through to regional communities,” said Cudmore.
“These are life goals that remain firmly in focus, and our data showed that Australians are continuing to plan, save and make decisions with those ambitions in mind. Rather than putting them on hold or abandoning them all together, people are finding practical ways to stay on track and make meaningful progress towards what matters most to them.”
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