How Two in Five Australians Plan to Buy a Home in the Next Five Years

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Pandemics, interest rate hikes, and dire supply shortages are not fazing the real estate juggernaut, with two in every five Aussies planning to buy a home in the next five years, showing unwavering determination to achieve their homeownership goals.

Whether you’re a first-time buyer, investor, or looking to upsize, now is the perfect time to act and buy a home. Join this determined group today and take the first step towards homeownership success with Property Brokerage Real Estate.

Determined Prospective Buyers

The latest Westpac Home Ownership Report found that 44 percent of Australians planned to buy a home in the next five years, a 9 percent jump since the same survey was taken in July last year. This surge in homebuying intentions is also accompanied by a 6 percent rise in investors looking to buy residential property, a 4 percent jump in people planning to upsize their homes, and a 4 percent increase in individuals looking to put funds into renovations.

Diverse Home Ownership Aspirations

This determination is seen across various segments, including first-home buyers, prospective buyers exploring home purchases, and current home owners planning to leverage home owner grants. It’s noteworthy that these plans are not limited to citizens alone but also include permanent residents eligible to enter contracts of sale, avail home loans, and meet eligibility criteria for building a home.

According to Westpac managing director of mortgages Damien MacRae, Aussies are focusing on long-term goals and doing whatever it takes to achieve home ownership, whether through direct purchase or contract to build arrangements facilitated by a real estate agent or mortgage broker.

“While some buyers have paused their housing plans, the intention to buy remains strong, and prospective buyers, including first-time home buyers, are becoming more ruthless with their goals,” he said. “They understand it’s a big task, but they are determined to break into the market and are willing to compromise to get there.”

Among the compromises that home buyers are now willing to make are location shifts, often a mental hurdle for many previous buyers, with many now willing to relocate within their state or territory to buy a home.

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Three-quarters (75pc) of prospective buyers are willing to buy in areas they hadn’t considered before (up 9pc), and half (50pc) are planning joint applications or “rent-vesting” strategies to get their name on a property title.

A massive two-thirds of home buyers are cutting back everyday luxuries like food delivery, showcasing their commitment to achieving their home ownership dreams amidst fluctuating interest rates.

The preference for residential property in Australia is evident, with a growing interest in house and land packages and new turnkey homes due to affordability considerations rather than the impetus during the pandemic of finding more space to get away from coronavirus.

“During the pandemic, we saw more buyers seeking property further from the city in pursuit of more space. However, it appears buyers are willing to concede on location in order to get a foot in the door,” Mr. MacRae said.

It’s also worth noting that various state or territory initiatives, such as home owner grants and stamp duty exemptions for first-time home buyers or those building a home, play a crucial role in facilitating these home purchases.

Collaborative Approaches to Buy a Home

The report underscores the importance of understanding eligibility criteria for home loans, joint applications, and contract to build arrangements to navigate the evolving landscape of property ownership in Australia.

With the goal of buying or building a home, prospective home buyers are advised to work closely with real estate agents, mortgage brokers, and legal advisors to ensure a smooth transition into home ownership amidst changing market dynamics and regulatory environments.

Take the First Step Toward Buying Your Dream Home!

Are you ready to join the ranks of determined home buyers in Australia and buy a home? Whether you’re a first-time buyer, investor, or looking to upsize, now is the time to act. Contact us today on 07 4125 6692 to explore your options, navigate contracts, secure financing, and turn your homeownership dreams into a reality. Don’t miss out on exclusive offers like our turnkey homes and $1000 Bunnings Buyer Bonus (T&Cs apply) available only through Property Brokerage.

Read these Informative Posts about Buying a Home

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New Home Investment Opportunities in Hervey Bay: Discover Hervey Bay’s best investment opportunities! Invest in New Homes! Low maintenance, higher rental income, warranty protection, & tax benefits.

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