YouGov survey: Young working adults don’t plan to buy property

Affordability is still an issue for young working adults across the region looking to buy a home. Nearly half of the respondents surveyed by international market research firm YouGov are not buying property in the next three years because they cannot afford it.

The Asia Pacific Property Market Overview survey conducted between August 14 and 21 gathered a total of 11,687 respondents from Australia, China, Hong Kong, Indonesia, Malaysia, Singapore and Thailand. Here are some statistics:

• 46% cannot afford to buy a residential property at the moment

• 23% do not plan on buying because they already solely/partially own  residential property

• 60% of 18 to 24-year-olds cannot afford to buy property in the near term, compared with 28% of 55-year-olds and above

• Hong Kong respondents topped the list for the response, ‘cannot afford buying  property at the moment’,  at 55%

• 79% of respondents agreed that house prices are beyond affordable. Of this figure, Hong Kong (91%) and Malaysia (90%) have the highest number of respondents concurring with this statement, while Indonesia (60%) and Thailand (67%) have the lowest.

• 59% of respondents currently own residential property (solely or partially). Of this figure, 71% of Indonesian respondents own a house. The lowest house ownership rate by country is Australia (48%), followed by Hong Kong (49%).

• 52% of respondents plan to buy residential property in the next three years. Respondents who already own property are more likely to buy more property in the future

• 33% of those who plan to buy residential property in the next three years intend to purchase property in overseas countries. Australia (12%), Malaysia (8%), and Singapore (6%) are the most preferred countries.

• 48% of respondents expect their governments to reduce taxes to provide relief on home mortgage repayments.

• 48% governments to increase housing subsidies.