With buyers outnumbering sellers and prices rising, an increasing number of home-owners are planning to put properties on the market.
Research commissioned by Westpac surveyed 2,086 Australian home-owners and found 35% of home owners want to sell in the next five years, with 12% already in the process of listing or planning to do so this year. Westpac’s senior economist Matt Hassan says it’s “absolutely a seller’s market at the moment”.
“Sales have seen a big lift over the last four months and are up over 36% on a year ago, resulting in a significant tightening in supply with listings across the major capital cities now at a 12-year low,” he says.
Most home-owners (87%) plan upgrades before selling, spending an average of $32,000 on projects such as minor repairs (44%), fresh paint (44%) or kitchen upgrade (19%).
Anthony Hughes, managing director of mortgages at Westpac, says property aspirations have shifted in the last 12 months: one in five home owners are selling for reasons related to the pandemic, such as working from home more (11%) and seeking more space (25%).