- 39% of homeowners plan to list their homes within the next five years
- Downsizing is on the rise - 26% of homeowners say they will seek a smaller property
- Westpac says the increased supply of larger homes will be welcomed by buyers
Research conducted by Westpac has revealed more Australians are exploring the possibility of selling their home over the next few years.
More specifically, four in ten homeowners (39%) plan to list their homes within the next five years – 9% higher compared to November 2020.
Downsizers also appear to be on the rise with 26% of homeowners revealing they will seek out a smaller property.
Anthony Hughes, Westpac’s Managing Director of Mortgages, said the findings could be good news for buyers with a supply of larger homes expected to rise.
“Our research shows that while buying intentions have tapered slightly, demand still remains stronger than it did prior to the pandemic, reinforcing that the great Aussie dream of owning a home continues to remain a priority,” explained Mr Hughes.
“In welcome news for buyers, the report also found more people are now thinking about selling. This is largely being driven by confidence in getting a good return on their home, as well as an increasing desire to live in a new area as people seek more living space.”
Anthony Hughes, Westpac
While much of the demand is for houses – a trend that has been fueled by the pandemic – units and apartments still remain popular, especially with the younger cohort who are attracted to the convenience and accessible nature of living near cafes, restaurants and bars. Downsizers who might be exploring a coastal lifestyle are also exploring such dwellings.
Seven in ten (71%) of first home buyers are looking for a house or townhouse with three in five (62%) prefer a property with three or more bedrooms.
Although the research noted that the number of Australian first home buyers has declined slightly, buyer competition remains a top challenge (43%).
Almost three in ten (29%) of buyers cite a lack of listed options as hindering their chances of achieving homeownership – worryingly, this sentiment has increased by 10% over the last three months.