Research reveals VIC wants the Australian dream: family, home and travel
- Inner City Melbourne residents considered buying a first home, travelling and having a family more important than the Australian average
- Victorian residents are the most intent on having a new vehicle
- State-wide dreams vary drastically: Ballarat residents want to renovate, whereas those in Bendigo are not interested in getting into shape
Residents across Victoria (Vic) are more likely to aim for the Australian dreams of buying a first home, having a family and traveling the world, 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 revealed some surprising differences across the state.
For instance, Ballarat and Inner City Melbourne residents are on opposite sides of the fence when it comes to renovating. Not a single respondent from Inner City Melbourne rate renovating as one of their top three hopes and dreams whilst Ballarat residents prioritise it highly.
Bendigo residents are the least focused on getting into shape with significantly less people rating it as one of their top hopes and dreams compared to the national and state average. On the other hand Geelong and Bendigo residents are three times more likely to want to get married and Frankston residents are the mostly likely in Victoria to want a buy a better car.
Mark Bouris, executive chairman of Yellow Brick Road said these differences represent a rather diverse state and the findings show how economic conditions and housing markets affect people’s aspirations.
“In places where the housing market has been growing – property dreams are very popular. In places like Geelong where the property market has been growing rapidly, locals are focused on renovating and increasing their home’s value. Then there are places like Frankston where people may still care about property but where people have a big interest in having a new car,” Mr Bouris said.
Overall, the top dream for Victorian 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 Victoria 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 hurdles in Melbourne – it not surprising that this is a big focus for the state.”
Mr Bouris said comparing the state statistics also highlighted some unique differences in Victoria.
“Buying a better car is much more popular in Victoria than the national average. Outside of this obsession with having a new vehicle, they also prioritise buying a first home and are more focused on having a family and travelling the world. However, they are also much less motivated to retire in comfort and renovate,” 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.