{"id":14689,"date":"2017-11-14T01:00:43","date_gmt":"2017-11-13T14:00:43","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14689"},"modified":"2017-11-14T01:00:43","modified_gmt":"2017-11-13T14:00:43","slug":"swapping-security-for-lifestyle-eliane-miles","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/swapping-security-for-lifestyle-eliane-miles\/","title":{"rendered":"Swapping security for lifestyle \u2013 Eliane Miles"},"content":{"rendered":"

It\u2019s reported that now more than half of all Australians have all but given up on the great Australian dream. So what are they chasing now? We speak to Eliane Miles<\/strong> whose firm, McCrindle, has co-sponsored some survey attitudes around the issue. She joins us to report on the outcomes.
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/strong>More than half of Australians now consider it\u2019s more important to have lifestyle than it is to actually own a property. This has been revealed in a recent study released by the Financial Planning Association of Australia who conducted the study in conjunction with McCrindle. Joining me now to talk about this is McCrindle\u2019s Director of Research, Eliane Miles.
\nEliane, what does this actually mean for the great Australian dream of home ownership?
\nEliane:\u00a0\u00a0<\/strong>Kevin, in this survey of 2600 Australians, we found there has been a shift in the attitudes around the desire to own a home. This study was really about what does it mean to live the dream? Would you say that you\u2019re living the life that you dream of? Do you deem yourself successful?
\nSo, when we asked the question \u201cWhat does living the dream mean to you?\u201d we found that home ownership has dropped down the list to number four, so after things like having a lifestyle, having financial freedom and independence, and then having safety and security.
\nIt\u2019s certainly no longer on the top aspirations for what people say living their dream life looks like.
\nKevin:\u00a0\u00a0<\/strong>Yes, the profile of home ownership has changed, as well. Once it was classed as the haves and the have-nots \u2013 if you owned a home, you had a lot in life \u2013 but as we\u2019re seeing out of this report, it\u2019s now been categorized into four main personality types, based on their ability to dream, which is what you\u2019re leading to there. Is that what we\u2019re seeing now? Could you give me a brief description of what you found out?
\nEliane:\u00a0\u00a0<\/strong>Yes, that\u2019s right. It\u2019s the sense that people look at finances in different ways. When it comes to home ownership, we\u2019ve seen the incredible jack of housing prices. Look at two decades ago, the average Sydney house price was six times average earnings; now it\u2019s more than 14 times. In Melbourne, it was three times; now it\u2019s more than 11 times. So, we have to take a different approach to how we look at our futures.
\nSome predict that if the current trends continue over the next two decades, the average cost of a house might be up to the $6 million mark. So, it really has become that thing that may no longer be the way that we define our lives or define success.
\nIn the study itself, as you mentioned, we found four different personalities based on their attitudes towards finances. We found that about a third of the population are daydreamers. These people do a lot of thinking about the future and dreaming, but they have this propensity to act later and think a bit longer before they act.
\nAnother third would be go-getters who do a lot of dreaming and also have that actionable step involved. Then there are another two personalities. We call them the cruisers, those who don\u2019t really daydream and don\u2019t really act very often \u2013 they\u2019re about one in five \u2013 and then we have the builders, those who love to act but they really struggle to think big picture, and they make up about one in seven or so of the population.
\nIt\u2019s interesting to think through our propensity to be visionaries and think about the future, where we want to go in terms of our finances and aspirations, as well as whether we\u2019re able to tangibly make that happen for ourselves.
\nKevin:\u00a0\u00a0<\/strong>I\u2019m fascinated with those breakups there. Is it a sex-related thing, or is it something to do with demographics or age?
\nEliane:\u00a0\u00a0<\/strong>It\u2019s not strongly correlated to sex. We do find there are more male cruisers, for example, but when you think about the go-getters as well as the daydreamers, they\u2019re almost half and half. Actually, some of the women do come out as less likely to be daydreamers but then also less likely to be builders. So, it does vary in terms of the gender, but it\u2019s usually more a propensity around life stage and, I guess, priorities as well.
\nKevin:\u00a0\u00a0<\/strong>In the article inside the latest edition of\u00a0Your Investment Property<\/em>\u00a0magazine \u2013 the article is called Aussies Chasing Freedom Not Picket Fences \u2013 there\u2019s a really good description there of those four category types.
\nEliane, just further to that, have those profiles changed in the last generation? And if so, why?
\nEliane:\u00a0\u00a0<\/strong>I think there\u2019s a sense that we\u2019re still the nation of people who believe in their ability to create the lives that they want. And in the research that we\u2019ve done, we always find that about four in five Australians say yes, they believe in themselves and their ability to carve out the future. But people are finding that the actionable step of turning that into a reality is getting harder, and so fewer people now over the years are saying, \u201cYes, I\u2019m living the life that I\u2019ve dreamed of.\u201d
\nThat has to do with the cost of housing, cost of living, but also a different way of looking at goals and thinking about the future as a result of many of these previously aspired acquisitions like home ownership no longer being so far in reach.
\nKevin:\u00a0\u00a0<\/strong>Reading the article \u2013it\u2019s a great read, too \u2013 I can\u2019t help getting the feeling that it\u2019s all changed. We used to judge \u201cmade it\u201d as having a family and having your own home, but it now is more about lifestyle. Am I correct in reading it that way?
\nEliane:\u00a0\u00a0<\/strong>That\u2019s right, and so our family composition is changing as well. We have nearly as many couple households without kids as we do families with children, and the growth in solo households as well as group households, multi-generational households. You have many generations now what we call sandwiched, people in their 40s and 50s looking after their aging parents while also still raising their own teenagers and young adults in their home.
\nAnd for the first time in a century, actually, we\u2019ve seen the size of households change in Australia and actually increase. Where it used to be on the downward trajectory, now it\u2019s back from 2.5 to 2.6. So actually seeing houses increase in size for the first time as a result of some of these cost of living pressures.
\nKevin:\u00a0\u00a0<\/strong>I\u2019ve been talking to Director of Research at McCrindle, Eliane Miles.
\nEliane, thanks for your time.
\nEliane:\u00a0\u00a0<\/strong>Thanks so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s reported that now more than half of all Australians have all but given up on the great Australian dream. So what are they chasing now? We speak to Eliane Miles whose firm, McCrindle, has co-sponsored some survey attitudes around the issue. 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