More Aussie couples buying a home before tying the knot

The Australian property market’s current run has fuelled a fresh round of FOMO. So much so that for many Australians, buying a home has become a more pressing goal than tying the knot. 

A recent survey by Mozo found that almost a quarter of Australian couples (23 per cent) who had purchased a property together did so before getting married.

“For some couples it’s very much a case of mortgage at first sight, as their love affair with property takes precedence over a public commitment around their relationship,” said Mozo spokesperson Tom Godfrey.

That sense of urgency has only been compounded in recent years, with record low mortgage rates ramping up demand and producing one of the biggest housing booms in Australia’s history. 

According to property research firm CoreLogic, prices jumped 22.2 per cent over 2021, leaving the median Australian home $126,700 more expensive than it was the previous year.

Economists at the major banks expect prices to continue rising this year before falling by between 4 and 8 per cent in 2023 — hardly the market correction many hopeful buyers would have liked.

The fear of being priced out has led many Australians to fast-track their property plans. Among the couples surveyed, Mozo found that 11 per cent begin looking to buy a home together in just the first year of their relationship.

However, just over half of respondents (52 per cent) will still wait between two and five years before taking their first steps on the property ladder together.

Mozo also found that many couples were willing to redirect their wedding budget towards a home, with just over a third (34 per cent) of respondents spending 50 per cent less on their wedding after making a property purchase.

“Although their weddings and commitment ceremonies might not be as extravagant, couples who choose to invest in property are on the path to building equity in their family home which could pay off in the long run,” Godfrey said.

As for couples’ finances, almost half of respondents (47 per cent) said they share all their bank accounts, while 14 per cent prefer to keep their finances completely separate.

Just over a quarter (26 per cent) have a few joint accounts for shared expenses while also keeping their own accounts, and 13 per cent have a shared account specifically to save for a home.

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