We asked the city's 'next first home buyers' - more than 500 Aucklanders aged 18 to 34 who are yet to own a property - about their future living plans, with the findings confirming the enduring strength of the Kiwi Dream. This is part one of a two-part series on the survey results.

Overwhelming result - home ownership is still the dream

"There is a lot of speculation around what first home buyers will be looking for in the future and how they want to live compared to the generations before them. This survey was about going straight to the source," says Barfoot & Thompson Managing Director Peter Thompson.

An overwhelming 91% of those surveyed say they want to own their own home one day, citing benefits such as stability, financial security and investment potential.

"Many also noted the less tangible sides of home ownership - like having a place to bring up a family, and it being a long-term achievement they can take pride in.

"Others commented on their parents' hard work and perseverance to own a home, and their own desire to emulate that."

A more challenging dream for Aucklanders 

Many respondents are less optimistic about the ability to turn their dream into a reality, particularly in the Auckland market, where feelings were split.

While homeownership in New Zealand as a whole is seen as an achievable goal by the majority of those aspiring to own a home (59%), just 38% say it is an achievable goal in Auckland for them and others like them.

"Open ended responses pointed to the significantly higher costs of buying in Auckland and difficulty saving the required deposit alongside other living costs as some of the key reasons behind their doubts.

"What is heartening and inspiring, however, is the number of young Kiwis still chasing their goals, even in the face of challenges and their own doubts."

Half of young Aucklanders would like to own a home

The survey found that half of young Aucklanders who would one day like to own a home are actively working towards their dream (49%).

"This is a different view from what some may have predicted of Auckland's young and aspiring home owners, and further supports the view that they haven’t given up on their Kiwi Dream."

Their top five actions included saving for a deposit (77%), reducing spend on luxury items (44%), looking to buy in alternative locations (27%), living at home with family (27%), and working additional hours, shifts or jobs (24%).

"And the steps being taken are sometimes more dramatic than just saving more and working harder."

Life milestones shifting

Among those making plans, the survey not only showed one in five (20%) respondents aged 25+ are living at home with family to help make their dream a reality, but a similar proportion are delaying having children in order to save money (18%).

"This equates to one-in-three of this group who are delaying either or both of those milestones to help make their homeownership dreams a reality."

Respondents' thoughts on home ownership:

"As we live in Auckland, the current market is very expensive. In a word, daunting."

"Auckland is really expensive, but a small apartment in the CBD is worth it."

"I definitely want to buy a house in Auckland in a few years. I know it will be expensive but I love Auckland and want to live near my family."

"It's near impossible to buy without assistance."

"Good idea, people just need to have realistic expectations about home ownership. It's a hard earned privilege, not a right."

"Owning a house is an expensive pursuit, but if you've got money saved up it can be great investment."

Respondent's thoughts on why they want to own a home:

"It would be nice to have somewhere to call my own that I could have my family grow up in."

"I would rather put my money towards a home loan than rent. I also would enjoy the flexibility to make changes to my home without having to consult the landlord."

"It is a solid investment which will increase in value. And once the mortgage has been paid off, it will be useful for post-retirement."

"A home is one of the most important purchases one could make. It would be my safe haven. I could call it my own. It would be a result of all my hard work over my lifetime."

"It is a large asset that doesn't depreciate. You can borrow money against the home to buy things like a car. Renting the property out can make it pay for itself."

"Growing up I witnessed my father work very hard to pay off his mortgage and fully own his own home. To this day I can still sense the pride he feels at owning his home. That pride strikes me personally as something more worthwhile than any feeling I would find from investing in the share market, bonds, KiwiSaver etc."

"I think it is a good asset and hopefully something that in time will give me something to pass on to my son to better his life."