Record-low interest rates, government stimulus, the rise of remote work, and a readjustment of priorities has led to a sharp increase in house hunting, according to new research by Finder.
A “nationally representative” Finder survey of 1004 respondents revealed that 20 per cent of Aussies are looking to purchase a property within the next 12 months – the equivalent of 3.8 million house hunters.
Finder’s personal finance expert Kate Browne says the results indicate a post-pandemic housing boom is looming.
“There’s a good chance that we will see a deluge of people searching for properties, from those trying to get their foot in the market, to seasoned upgraders,” she explained.
“Yet potential buyers could experience a shortage of listings and a spike in house values as demand outstrips supply.
“With increased activity in the market, buyers might need to broaden their search and seek pre-approval beforehand to one-up the competition.”
The research shows that 32 per cent of millennials and 24 per cent of Gen Z-ers plan to buy property in the next year.
“COVID-19 has triggered multiple lifestyle changes – from the way we shop to where we want to live,” Ms Browne continued.
“This has coincided with a period of historically low interest rates, giving borrowers confidence they can afford a home loan.
“Although borrowing conditions are favourable, Aussies need to ensure both their financial situation and job status are secure before taking the plunge.”
