With Spring property season right around the corner, new Westpac research has found that Aussie house hunters are keen to make 2019 their time.
According to the Westpac Housing Sentiment Survey, 51% of Aussies feel more confident about the property market than last year.
And not only are Aussies feeling more positive, one in two are keen to make their move by taking advantage of current market conditions, including record low interest rates.
The research also revealed that current homeowners are also gearing up to make a second purchase, with 66% believing now is a good time to purchase their next home.
“Record low interest rates have created a positive environment for home owners to not only get ahead on their mortgage repayments, but to also purchase their next home,” said Will Ranken, Westpac General Manager of Home Ownership.
The number of Aussies choosing to upsize their home has also doubled in the last year, jumping from 11% to 24%.
“Australians looking to upsize, many of which are families, are particularly motivated to purchase a larger space. When you consider more young people are choosing to live with their parents longer than ever before, it’s no surprise many are hoping to purchase a bigger home to help future-proof their family.”
Aussie home buyers limited in opportunities and education
But despite the higher number of Aussies keen on getting onto the property ladder for the second time around, 18% reported that a lack of property supply is holding them back.
However, Ranken does expect the number of listed properties to increase, encouraging home sellers to take advantage of the upcoming season change.
“We’ve seen a recent rise in auction clearance rates, so it could be an opportune time for sellers to capitalise on growing demand, particularly in the lead up to spring; the time of year when house hunters tend to be the most active,” he said.
A demand for more education about the changing market was also an issue felt by 42% of Aussies, as they believed it would give them an edge against the competition.
One area of interest felt by 28% of Aussies looking to purchase their next home was their borrowing power. Our home loans borrowing calculator can help by instantly crunching the numbers to reveal how much you’ll be able to borrow for your first or next home.
But if you already know what your numbers look like, head on over to our home loan comparison tool get started by comparing some of the latest home loan offers.