What words come to mind when you think of purchasing a home? For me, it’s security, stability, community, neighbourhood. There’s no denying that the notion of owning home ownership is much more than purely about the physical and the financial for first home buyers. Owning property and having something to call your own is still largely considered to be the great Australian dream. To quote one of the great Australian films, The Castle, ‘It’s not a house. It’s a home’.
A home is much more than just a physical dwelling to set up camp and leave your things. The World Health Organisation defines housing as based on four interlinked levels, each with their own unique set of social and physical impacts on an individual’s health. Let’s have a look into each to get a better understanding of the psychology of home ownership.
Firstly, of course, there’s the physical structure. It provides a sense of shelter and protection, creating a foundation for daily life.
Secondly, the meaning of ‘home’ and it being a safe and intimate space where you cultivate a sense of identity and attachment.
Thirdly, the immediate housing environment, or the quality of urban design – meaning proximity to public services, playgrounds, green spaces. All the little things that make a suburb or region a convenient and pleasant place to live and improve your overall quality of life.
Finally, the fourth level examines the community or neighborhood surrounding the home. A strong sense of trust and social cohesion within the community adds to feelings of security and belonging.
If any or all these areas are lacking, research indicates the link between this and psychosocial health issues, such as feelings of insecurity, housing stress and lack of ontological security.
Unfortunately, the dream of home ownership can seem pretty unattainable these days. The housing affordability crisis, fall in real wages and soaring interest rates have rocked buyer confidence, and rightly so. Often this is the case during periods of economic uncertainty: risk tolerances plummet, and the desire to play it safe increases.
Declining home ownership is a trend that is only growing larger as time goes on. Millennials are less likely to be home owners compared to Gen Xers and Baby Boomers – and the trend continues with each successive generation.
Despite this, the dream lives on, and it’s not all doom and gloom. We’re seeing first-home buyers as young as nineteen using Coposit to secure their first property. That’s an impressive feat when you consider that the average age of first-home buyers in Australia is approximately 36 years old.
If you’re someone who, like me, dreams of home ownership, but the deposit barrier is stopping you in your tracks, we at Coposit are here to help with our property app that is designed to fast track your journey into the property market.
Don’t let the deposit barrier hold you back from pursuing your dreams of homeownership. With Coposit by your side, you can find a pathway that suits your circumstances and accelerates your progress towards owning a home. Explore our current property listings and discover how we can help make your dream a reality.