Aussies 15% more likely to buy homes in 2021

houses aerial view in an australian suburb

A new report by NAB found that more Australians are intending to buy a new home in 2021 compared to the last quarter of 2020.

Even with housing prices surging in the past year, the NAB survey discovered that young Australians in the 18-29 age group were the ones with the biggest intention to get a mortgage and buy new homes in the next 12 months.

“Young Australians are the most aspirational home buyers right now and we’re seeing this with 25 per cent of applications now done via video, with thousands more booked online every month,” said Andy Kerr, NAB executive in home ownership. 

Since May 2020, there has been a spike of new first time buyers with more than 175,000 Australians entering the housing market, said an Australian Bureau of Statistics (ABS) report.

According to ABS, in the past year, Australian property value reached a new record of $8.9 trillion and is predicted to continue increasing. However, the surge in prices has not deterred people from saving to buy property. Australians in ACT, SA and NSW are more likely to buy a home in the coming 12 months, stated the NAB findings.

If you are considering buying a new home in the next year, check out Mozo’s home loan comparison hub to read our latest news, guides and tips.

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    3.10% p.a. variable
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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