Real estate dominates dreams for NSW residents
- NSW residents love travel, but less than other states
- Property and investment related dreams are the most popular in NSW
- State-wide dreams vary: Newcastle residents want a boat, whereas those in the Riverina region most want to get married
New South Wales (NSW) residents have a one track mind, with more property and investment goals than the rest of the country, according to the Yellow Brick Road Wealth Management Hopes and Dreams Survey.
Yellow Brick Road (ASX:YBR) analysed the hopes and dreams of over 6,500 Australians in a survey which sought to understand the financial aspirations of the nation. The data reveals some surprising differences across the state.
For instance more people in the Mid North Coast of NSW are interested in downsizing to a smaller home than the rest of the state and country. Whereas on the South Coast many more people want to get into shape and retire comfortably. The Riverina region is full of people who are hoping to get married and twice the amount of people in Newcastle want to own a boat than the national average.
Sydney suburbs also show some interesting insights with twice as many people in the Inner West who want to have a family than the rest of the state. Those living on the North Shore are much more focused on property and investment aspirations and are even happy to “never, ever retire”.
Mark Bouris, executive chairman of Yellow Brick Road, said these differences represent a very diverse state and the findings show how economic conditions, the housing market and even climate affect people’s aspirations.
“We know that places like the South Coast offer residents beautiful scenery and a quieter lifestyle and many people in this region say their dream is to retire comfortably. Then you have places like Sydney’s North Shore which has seen house prices skyrocket and young people here are looking at how they can afford to move out of home and break into the property market,” Mr Bouris said.
Overall, the top dream for NSW residents is to travel and see the world, surpassing buying a first home, getting debt under control, paying off the mortgage and owning a business.
Mr Bouris said these top five dreams represent a state that values lifestyle, property and
“Australia is a nation of holidaymakers and globetrotters and the research shows that New South Wales residents are continuing that trend. Coming in a close second is buying one’s first home. Given the country’s obsession with property, the current low interest rates and the affordability issues in Sydney– it not surprising that this is a big focus for this state.”
Mr Bouris said comparing the state statistics also highlighted some unique differences in NSW.
With property prices surging in NSW, the state’s hopes and dreams are much more focused on property goals then the rest of Australia.
“As expected with the hot property market, New South Wales residents are more focused on property goals including buying their first home, an investment property or helping their kids buy a house. However, they’re also far less interested in buying a better car,” he said.
Mr Bouris said having these dreams is great, but he’s concerned that too many Australians aren’t getting the advice they need to turn dreams into reality.
“Regardless of whether your dream is to go on a holiday, buy a property or own a business – you need to get clear on what your goal is and the execution plan to make it a reality. Australians are known to value quality lifestyle and there is nothing wrong with wanting to take an annual overseas holiday. However, many people don’t achieve these goals due to their failure to plan.”
“More people should be seeking assistance to draft a financial plan, but many people think they don’t have enough money to work with. The reality is the less you have, the more important it is to get assistance. One of the things we know about reaching financial hopes and dreams is that the earlier you start, the better your outcome. Seeking advice and creating a plan can make turning your dreams into reality a whole lot easier than you imagine.”
For more information, contact:
Branch PR and Communications Manager
Yellow Brick Road Wealth Management
T 02 8226 8295
M 0450 769 337
To see how your dreams compare to the rest of Australia visit www.ybr.com.au/dreamers.