Buyer Demand Strong
Supply issues aside, about 44% of Australians say they plan to buy a home in the next five years, according to the latest Westpac Home Ownership Report.
At the same time there has been a 6% increase in the number of investors who plan to buy and 4% increase in owners wanting to renovate.
Westpac managing director of mortgages Damien MacRae says the figures show Australians are still keen on home ownership.
“While some buyers have paused their housing plans, the intention to buy remains strong and prospective buyers are becoming more ruthless with their goals,” he says.
“They understand it’s a big task, but they are determined to break into the market and are willing to compromise to get there.”
The report found 75% of prospective buyers were willing to buy in areas they hadn’t considered before and 50% were going to rent-vest, buy where they want to invest and rent where they want to live, as a means of getting into the market.
