A record number of Australians – 29% – plan to buy a new home in the next two years, shows new research by Rabobank. Nearly one-third of those surveyed had been considering upgrading, downsizing, shifting location or getting into the property market for the first time. The result eclipsed the previous high of 24% in 2016 when house prices rose by 15%, says Glenn Wealands, head of client experience of Rabobank.
Generation Y are the key drivers, with 32% of those aged 24 to 37 considering swapping homes or buying one for the first time.
“I think there’s definitely a lot of people exhibiting really good financial and having a sizeable deposit saved so were aware of what they could afford,” says Wealands. “People are now seeing good opportunities in the market and perhaps also feeling FOMO.”
Experts advise that, if potential purchasers aren’t adversely affected by Covid-19, now could be a good time to buy, with interest rates ultra low, reduced competition from other buyers and the possibility of buying well in a weak market.