Financial missteps and savings delays weigh heavily on borrowers, especially millennials
More than half of Australian mortgage holders regret not buying property earlier, according to a new survey from Great Southern Bank.
The bank’s No Place Like Home Report found that 52% of respondents wished they had entered the property market sooner, amid rising house prices that have made homeownership increasingly challenging.
The sentiment comes as property values continue their upward trend. Data from analytics firm Cotality showed a 0.3% increase in the median dwelling price in April, lifting the national average to $825,349 — an additional $2,720 in one month.
Over a longer timeframe, Australian house prices have historically climbed at a compound annual rate of 6.4% over the 30 years to 2021. Figures show a median-priced home bought for $122,870 in 1991 would have been worth $795,208 three decades later.
Beyond delayed purchases, the Great Southern Bank report also highlighted other common financial regrets. Among mortgage holders, 68% wished they had saved more consistently, while 62% said they should have started saving habits earlier in life. Over half (57%) also regretted not maintaining financial independence, and 38% said they should have taken financial advice from their parents. Millennials reported the highest level of regret, particularly regarding missed opportunities to build savings routines and manage finances independently.
“The great news is that it’s never too late to make smart financial decisions,” said Rolf Stromsoe (pictured above), chief customer officer at Great Southern Bank. “We provide Australians with practical tools, competitive savings products and expert tips to help save more effectively, grow wealth, and confidently take steps towards homeownership.”
The research also shed light on current spending behaviour, showing that certain expenses remain non-negotiable for many households. Despite cost-of-living pressures, 44% of Australians said they would not cut back on quality food, while 31% would not reduce spending on pet care, and 28% prioritised their children’s needs.
For young families, education and healthcare remain critical, while baby boomers place greater importance on quality healthcare and maintaining lifestyle standards.
“Australians have shown practicality and flexibility in the way they’ve accommodated cost of living pressures,” Stromsoe said. “They’ve made some hard choices on the way.
“Over half of Australians (54%) have cut back on their entertainment costs, and almost two-fifths (38%) have cancelled a subscription service. The savings they are making with those economies are probably helping to pay for the things they won’t do without — the essentials and luxuries that matter most to them.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
