The latest survey data from Digital Finance Analytics has found that 1.1 million Australians have plans to offload property in the next six months.
It will certainly be a buyer’s market, with the results showing 2.15 sellers for every potential buyer.
This is all in stark contrast to DFA’s 2019 results from the same survey, which showed 337,000 intended sellers, and 3.69 buyers for every property.
The demographics of this year’s survey suggests that the majority of those intending to sell are planning to downsize (350,000).
Meanwhile, 309,000 are investors, and 298,000 of the 1.1 million are foreign citizens and Aussies living abroad.
A further 115,900 are planning to trade-up their family home for something more expensive, while 28,000 first home buyers are planning to sell by June.
There will be a fair amount of migration between states, with 9000 people in NSW and 14,200 Victorians planning to move interstate by the end of 2021.
Queensland is the top destination for those looking to move from either state, followed by WA.