Millions of Australians under lockdown have not been able to cool the current booming real estate market, and new research has given amazing insights into the reactions of home buyers.
A poll by comparison website Finder.com.au showed that nearly one in seven Australians is considering buying a property in the next six months.
A nationally representative survey of 1,015 respondents found that 7% of respondents wanted to purchase investment properties. Another 7% of respondents would like to have their own house.
Men (19%) are twice as likely to enter the market to buy a new house or investment as women (9%).
Residents of New South Wales, whose house prices have increased the most in the past year, are most likely to consider buying: nearly one-fifth (19%) of residents plan to buy within the next six months.
More than half of potential buyers in New South Wales stated that they want an investment, not the property they will live in.
About 14% of Victorians said they would buy within six months, compared with 13% in South Australia.
Finder’s survey shows that if they can afford it, 27% of Australians will buy a property in the next six months.
Earlier, housing experts warned that the closure measures in Melbourne and Sydney did not show signs of discouraging home buyers.
Andrew Wilson, my housing market economist, said that the blockade created a “sense of fear” for sellers, not buyers.
“If you see some items for sale that you can still buy, there are some mechanisms that can do it, but it’s hard to think of starting a marketing campaign in a locked state. Getting to market is a more problematic process than buying,” he said.
Finder home loan expert Sarah Megginson said that financial preparation is the key to first-time homebuyers.
“Buying your first house is one of your biggest financial commitments in your life, and it will make you feel very difficult,” she said.
“In the hot real estate market, many people are understandably worried about affordability and’pricing out of the market’.
“Fortunately, there are many ways to enter the market, and it’s not a race.”