During recent weeks, many in the media have suggested that the great Australian dream of owning your own home is all but that … a dream.

We certainly hope that for most it can still be a reality!

There are a few essential reasons why Australians have fallen in love with the idea of owning their own home:

1. The safety net: Many people love the secure feeling they get from owning their own home and knowing that they have a roof over their head that belongs to them. Shelter is a basic human need and for the majority it’s a matter of thinking that if everything else goes wrong in their life, at least they have somewhere to live.

2. Compulsory saving: Some people find it difficult to save, so mortgages can often be seen as a compulsory saving method. Whether you can or you can’t afford it each week, the repayments will be automatically deducted, thereby keeping a lid on your spending and ensuring that you are saving towards the ownership of a significant asset.

3. Capital growth: The advantages of home ownership extend to tax benefits, such as there being no capital gains tax payable on your principal place of residence. This means that if you sell your own home then you don’t have to pay any tax for the profit you make, provided certain obligations are undertaken - i.e. that it is identified as the property that you actually live in and that you have lived there for a certain period of time.

Properties improve in value over time. For example, if you went back to 1970, the price of a block of land then versus the price today would be significantly different. Sure, inflation plays a part, but as the population grows, property values appreciate, particularly in areas where the location makes it a highly attractive place to live.

Coastal areas such as ours have grown significantly in the past 10 years. For some, literally doing nothing but living in the property has allowed them to earn money that they could never have dreamed of otherwise.

4. Intrinsic value: There is a certain interest that people have in property, mainly due to the memories of important events in their lives that took place in each location.

This intrinsic interest is non-financial and is best described in the movie The Castle, where the awards were "going straight to the pool room". The movie also highlighted our attachment to our local neighbours and the good old family barbie in our own backyard.

5. Modification: Australians love the old "do it yourself fix-ups". The explosion of reality TV shows in the early 2000s brought with it a strong emphasis on improving your property to make it just right. For some this will include specific modifications for their own individual needs.

You will often see the addition of extra storage for boats or caravans, car ports, pools and entertaining decks … all these things help us in our appreciation and enjoyment of life.

And then there’s the garden … there is something special about seeing a garden grow - a feeling of accomplishment and achievement.

Whatever the reason for home ownership, Australians love their own homes and this essential need, combined with the Australian way of life, will further encourage and enhance this well-held tradition.