Large portion of Australian homeowners are planning to sell in near future

family looking at homes online ipad

Yes, the Australian property market is currently experiencing a boom. In June, successful sales increased 18% from the previous year. So, it is not surprising that so many Australian homeowners are considering taking advantage of the high housing prices and putting their homes up for sale.

According to Westpac research, four in ten (39%) Aussie homeowners are planning to sell in the next five years, increasing 9% since November 2020.

Why sell your house right now?

Westpac managing director of mortgages, Anthony Hughes said that this increase in sales interest is being driven by confidence in getting a good return, as well as an increasing desire to live in a new area as people seek more living space.

Many of those considering putting their properties on the market are looking to find larger homes away from big capital cities. Westpac data showed that houses are most in-demand.

“Properties further from the city boasting backyards and a more relaxed lifestyle remain top of mind for buyers, and for the first time, more homeowners are telling us increased infrastructure and amenities in their desired area is also motivating them to sell, with public transport, local shops and parks ranking as the most desirable suburban features,” said Hughes.

In contrast, a quarter of those looking to sell are planning on downsizing, an increase on last year.

“Apartments still remain a popular option – particularly among younger buyers who are more likely to seek the convenience and access to local cafes, restaurants, and bars, as well as downsizers who might be seeking a coastal lifestyle.”

What about first-time buyers?

Although Australians who already have their foot on the property ladder are looking to sell and buy, the research also found a decrease in the number of people planning to buy a first home.

This aligns with the Australian Bureau of Statistics (ABS) lending indicator report for March and April of this year, which showed a 5% drop in first-time buyers participating in the market.

According to Westpac, the top reasons listed for first-time buyers not jumping into the market right now are:

  • 43 cited too competitive of a market
  • 29% cited lack of listed options
  • “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,” said Hughes

    If you are a first-time buyer hoping to get your foot in the door or a homeowner looking to make the big move from the city to the country or coast, start making plans and check out Mozo’s home loan hub.

  • Compare home loans - last updated 2 July 2022

    Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
    • Smart Booster Home Loan

      2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

      interest rate
      comparison rate
      Initial monthly repayment
      2.60% p.a.variable for 24 months and then 3.00% p.a. variable
      2.96% p.a.

      New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

      Details
    • Unloan Variable

      Owner Occupier, Refinance Only

      interest rate
      comparison rate
      Initial monthly repayment
      2.64% p.a. variable
      2.56% p.a.

      For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

      Details
    • Mozo Expert Choice Badge
      Variable Rate Home Loan

      Owner Occupier, Principal & Interest, LVR <80%

      interest rate
      comparison rate
      Initial monthly repayment
      2.59% p.a. variable
      2.49% p.a.

      $5000 refinance cashback. Owner-occupier refinancers only living in NSW/VIC/SA metro and inner regional areas. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. T&Cs apply. Mozo Experts Choice Award winner for 2022^.

      Details
    • Basic Home Loan

      Owner Occupier, LVR<60%, Principal & Interest

      interest rate
      comparison rate
      Initial monthly repayment
      2.84% p.a. variable
      2.84% p.a.

      Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. Apply online in as little as 15 minutes.

      Details

    * 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.

    ^See information about the Mozo Experts Choice Home Loan Awards

    Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

    While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.