 A nationwide survey for insurer AAMI has found that 52 per cent of renters believe owning their own home will never be affordable, with 39 per cent saying they have no intention of locking themselves into a mortgage and are happy to continue renting.
AAMI's public affairs manager Geoff Hughes said interest rates were a major impediment to entering the housing market with 43 per cent of renters saying this influenced their decision to continue renting.
”With renters reluctant to enter the property market, competition for rental properties remains tight, with the research showing 15 per cent of renters nationally have been involved in bidding for a rental property,'' Mr Hughes said.
The survey also revealed that just 57 per cent of renters have home contents insurance compared with 98 percent of home owners, indicating that home contents insurance is often sacrificed in order to save money and afford higher rents.
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