Australians’ appetite for property has hit an all-time high. One in six Aussies intend to buy a new home in the next 12 months.
According to a NAB survey, 15% of respondents have confirmed their home-buying intentions, compared with 13% in the previous quarterly survey.
According to NAB’s research, young Aussies are leading the increase in demand: 39% in the 18-29 group are saving to buy, while 26 % are renting but saving to buy.
“Young Australians are the most aspirational home buyers right now, and we’re seeing this with 25% of applications now done via video, with thousands more booked online every month,” NAB executive for home ownership Andy Kerr says.
But while the intent to buy is higher, optimism is still subdued, with only 40% of Australians confident that now is a good time to buy a home and 31% confident now is a good time to buy an investment – lower than last quarter’s 45% and 34%, respectively.