More Aussie homeowners are downsizing, study shows

A growing number of Aussies are downsizing their homes in order to boost their savings accounts, new figures released by Citibank have indicated.

The study showed that more than one in ten moved into a smaller property in the past 12 months in order to reduce costs and free up some cash, National Features reports.

It also seems that Aussies are not too confident that their children will be able to secure an affordable home loan in the future.

Indeed, 63 per cent of the survey respondents felt that home ownership would be a mere pipedream for future generations.

Head of mortgages at the bank Vibha Coburn told the news provider that although Australian houses are among the most expensive in the world, people can still get onto the property ladder by deploying clever saving strategies.

Figures recently released by the Housing Industry Association highlighted a decline in the number of home loans being taken out in December 2011.

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