Invest
More than 1 in 3 home owners want to sell their property as seller confidence rebounds
Invest
More than 1 in 3 home owners want to sell their property as seller confidence rebounds
More than one in three home owners are planning to sell their house over the next five years as Aussies increasingly look to purchase a new home to better meet their future needs, new research has revealed.
More than 1 in 3 home owners want to sell their property as seller confidence rebounds
More than one in three home owners are planning to sell their house over the next five years as Aussies increasingly look to purchase a new home to better meet their future needs, new research has revealed.
An increasing number of Aussies are thinking about putting their house on the market, fuelled by the low interest rates, improved consumer sentiment and strong economic forecasts, new research from Westpac has revealed.
The research, commissioned by Westpac and conducted by Lonergan Research, surveyed 2,086 Australian homeowners across capital city and non-capital city areas.
According to the findings, one in three Australian homeowners (35 per cent) want to sell their property in the next five years, with over one in 10 (12 per cent) already in the process of listing their house or planning to do so in the next 12 months.
Westpac’s senior economist Matt Hassan explained that “it is absolutely a seller’s market at the moment.”
“Sales have seen a big lift over the last four months and are up over 36 per cent on a year ago, resulting in a significant tightening in supply with listings across the major capital cities now at a 12-year low.”
While Mr Hughes anticipates a “rebalance” in the coming months as more sellers enter the market, he expects demand to remain strong, ultimately driving a sustained rise in prices over the next two years.
Looking ahead, most homeowners expect their property to be listed within five weeks, with 50 per cent expecting a private sale.
Moreover, a majority of the homeowners surveyed (87 per cent) intend on making upgrades in preparation for sale, spending an average of $32,000 on projects such as minor repairs (44 per cent), fresh paint (44 per cent), kitchen upgrade (19 per cent), or bathroom upgrade (19 per cent).
Evolving property aspirations
Despite the uplift in selling intentions, more than half (51 per cent) of those surveyed said that they are actively holding off from listing their property straight away, with strong competition and lack of supply cited as their top challenges.
As for the reason to sell, Anthony Hughes, managing director of mortgages at Westpac, explained that ultimately, property aspirations among Australians have shifted in the last 12 months.
The research found that one in five homeowners are selling for reasons directly related to the pandemic, such as accommodating working from home more (11 per cent) and seeking more space (25 per cent).
“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,” Mr Hughes said.
According to him, 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 as we head into 2021. This will no doubt be welcome news for buyers eagerly awaiting more homes to come on the market,” the managing director commented.
About the author
About the author
Property
3 in 4 borrowers in trouble are in lockdown: ANZ
Despite offering support, ANZ said freezing home loan repayments will be the last resort, as three in four requests for support stem from NSW. ...Read more
Property
RBA gives APRA’s use of macro tools a tick of approval
Ahead of an expected move to impose tougher lending rules on the banks, the Reserve Bank has looked into previous attempts by APRA to cool the housing market. ...Read more
Property
Federal incentives are driving more first home buyers into the market
While property prices continue to grow, new research suggests that the government’s current crop of first home buyer incentives is having an impact on this segment of the market. ...Read more
Property
Why it now costs 130% more to service a mortgage than 3 decades ago
The lifetime cost of owning a home has increased by over 130 per cent in just three decades, new research has revealed. ...Read more
Property
Using the 30/30/3 rule for home buying during uncertain times
Thinking of buying a home? Uncertain economic times may have you double guessing your purchase, but the 30/30/3 rule can help you make this a reality. ...Read more
Property
Rental yields reach decade high, but not all markets move at the same pace
Changing consumer preferences towards lifestyle destinations and a lack of supply have led to record national price growth, albeit price fluctuations vary region-to-region, fresh figures show. ...Read more
Property
What younger Australians are getting wrong about home loans
As young Australians look to fight the odds and take their first step onto the property ladder, more and more are making easy mistakes. ...Read more
Property
More than 1 in 3 Aussie properties are cheaper to buy than rent
Having a mortgage is even more likely to be cheaper than renting than it was pre-pandemic, new research has revealed. ...Read more
The Olympic effect on property and equity investors; COVID-19 Disaster Payments and super
Listen now
Do lockdowns boost property prices? Are short-sellers levelling the playing field? Did you lodge your tax returns early?
Listen now
Will lockdowns halt the housing boom? Is the metaverse taking over? And the cons of lodging your tax returns early
Listen now
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Property
3 in 4 borrowers in trouble are in lockdown: ANZ
Despite offering support, ANZ said freezing home loan repayments will be the last resort, as three in four requests for support stem from NSW. ...Read more
Property
RBA gives APRA’s use of macro tools a tick of approval
Ahead of an expected move to impose tougher lending rules on the banks, the Reserve Bank has looked into previous attempts by APRA to cool the housing market. ...Read more
Property
Federal incentives are driving more first home buyers into the market
While property prices continue to grow, new research suggests that the government’s current crop of first home buyer incentives is having an impact on this segment of the market. ...Read more
Property
Why it now costs 130% more to service a mortgage than 3 decades ago
The lifetime cost of owning a home has increased by over 130 per cent in just three decades, new research has revealed. ...Read more
Property
Using the 30/30/3 rule for home buying during uncertain times
Thinking of buying a home? Uncertain economic times may have you double guessing your purchase, but the 30/30/3 rule can help you make this a reality. ...Read more
Property
Rental yields reach decade high, but not all markets move at the same pace
Changing consumer preferences towards lifestyle destinations and a lack of supply have led to record national price growth, albeit price fluctuations vary region-to-region, fresh figures show. ...Read more
Property
What younger Australians are getting wrong about home loans
As young Australians look to fight the odds and take their first step onto the property ladder, more and more are making easy mistakes. ...Read more
Property
More than 1 in 3 Aussie properties are cheaper to buy than rent
Having a mortgage is even more likely to be cheaper than renting than it was pre-pandemic, new research has revealed. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
