The latest Westpac Home Ownership Report reports that 44% of Australians plan to buy a new home in the next five years. That represents a 9-percentage point rise since July 2023.
Additionally, are recorded in those planning to buy an investment (+6%), those planning to upsize (+4%) and those planning to renovate (+4%).
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For first home buyers however, the research uncovers a different story. There is recording a 3-percentage point fall in Australians planning to achieve home ownership in the next five years. Some 86% admit recent cost-of-living pressures have delayed their home buying plans.
Westpac Managing Director of Mortgages Damien MacRae says Aussies are sharpening their focus on long-term goals.
“While some buyers have paused their housing plans, the intention to buy remains strong. Prospective buyers are becoming more ruthless with their goals,” says MacRae.
“They understand it’s a big task. But they are determined to break into the market and are willing to compromise to get there.
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By GlobalData“Buyers are casting their expectations wider, willing to compromise on location and are forgoing everyday luxuries like food delivery. They are also more inclined to relocate and move to apartment living.
“During the pandemic we saw more buyers seeking property further from the city in pursuit of more space. However, it appears buyers are willing to concede on location in order to get a foot in the door.”
Westpac has recorded an increase in customers using its budgeting tools and resources as more seek to get on top of their finances and plan for the future. Additionally, home-related goals were the second most popular savings categories created by customers in 2023.
