Australians are feeling more optimistic about buying a home than they were this time last year, new research has found.
Westpac’s Housing Sentiment survey revealed that more than half (51 per cent) of those surveyed are feeling more confident about the state of the market than 12 months ago, while 53 per cent were eager to take advantage of the current climate.
The survey also found that 62 per cent of participants intend on making some sort of change to their housing situation in the next five years, as a result of interest rates (20 per cent), falling house prices (18 per cent ) and the desire to live in a new area (17 per cent).
Australian Families Planning to Buy a Larger Home
The desire to upsize has more than doubled since 2018, rising to 24 per cent from 11 per cent last year.
Will Ranken, General Manager of Home Ownership at Westpac, said record low interest rates have created a positive environment for home owners to not only get ahead on their mortgage repayments, but to also purchase their next home.
“Australians looking to upsize, many of which are families, are particularly motivated to purchase a larger space,” he said.
“When you consider more young people are choosing to live with their parents longer than ever before, it’s no surprise many are hoping to purchase a bigger home to help future-proof their family.”
Will Demand Meet Supply?
When it comes to opportunities in the market, almost one in five (18 per cent) of next home buyers feel challenged by a lack of property supply listed on the market.
However, the findings showed relief might be on the way, with Australian homeowners now 50 per cent more likely to sell their home compared to last year, with one in ten (10 per cent) intending to sell in the next 12 months.
Mr Ranken said there were clear signs that demand was on the rise.
“We’ve seen a recent rise in auction clearance rates, so it could be an opportune time for sellers to capitalise on growing demand, particularly in the lead up to spring; the time of year when house hunters tend to be the most active,” he said.
With an increasing number of buyers looking to enter the market, more than half of Australians (55%) think it’s important they’re informed about changing market conditions, and 42 per cent would like to be better educated so they have an edge against the competition.
Do you need advanced tax strategies for your property? Contact a Chan & Naylor accounting specialist here. We’ll help you get a reduced property tax.
Aside from tax assistance, have a look at our other accounting and advisory services designed to help you achieve greater financial success.
If you like this post, “More Australians Seeking Space This Spring”, subscribe to our newsletter and stay in touch with us by liking our main Chan & Naylor Facebook page, as well as our Linkedin, Instagram, and Twitter pages.
The Chan & Naylor Group has national offices in South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Wheelers Hill, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with your accounting needs. Contact us here today.
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only.
Although every effort has been made to verify the accuracy of the information contained on this website, lnfocus, its officers, representatives, employees and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.