Research released by financial institution Westpac yesterday (Saturday) shows more Australians are thinking about selling their home now than before the pandemic.
Low interest rates, improved consumer sentiment and strong economic forecasts are combining to fuel confidence in the housing market.
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A third plan to sell in next five years
The study indicates more than a third (35%) of homeowners are planning to sell in the next five years, with over one in ten (12%) already in the process of putting their house on the market or planning to do so in the next 12 months.
“This uplift shows an increase of five percentage points in selling intentions from last quarter, and more than double the number of homeowners that were planning to sell prior to Covid-19,” Westpac noted.
Despite this increase, the research found more than half (51%) say they’re actively holding off from listing their property straight away.
A quarter plan to buy their first home
With 22 percent of Australians planning to buy a first home in the next five years, competition with other buyers (30%) and a lack of supply (21%) were also cited among the top challenges for sellers.
Westpac’s Managing Director of Mortgages, Anthony Hughes, said there has been a big shift in Australian property aspirations over the last 12 months.
“Home ownership preferences have evolved since the start of the pandemic, with Australians seeking more space, peace and quiet, as well as properties which offer outdoor living like backyards and balconies,” he said.
New home to better meet future needs
“This is fuelling buyer demand and motivating more Australians to think about selling their current property so they can purchase a new home to better meet their future needs.
“The low interest rate environment, upbeat consumer sentiment, and improving economic outlook is also underpinning stronger seller confidence. This will no doubt be welcome news for buyers eagerly awaiting more homes to come on the market,” Hughes stated.
According to the research, one in five homeowners are selling for reasons directly relating to the pandemic – like accommodating working from home more (11%). One quarter (25%) are also seeking more space.
