New research commissioned by ING has found Australians have no real qualms about investing during this recession, with 44 per cent of those surveyed feeling property is the strongest investment option, and 26 per cent feeling now is the best time to buy.
The research survey was conducted across two questionnaires in August and September, 2020.
Over 2000 Australians, weighted by age, gender and location to reflect the latest ABS population estimates, responded.
Millennials are the most positive group in regards to buying property during the pandemic, with 50 per cent feeling ‘positive’ about such a move.
In terms of activity, 25 per cent of Millenials and 23 per cent of Gen Z are currently saving money for property investment.
Low interest (32 per cent) and the prospect of lower house prices (27 per cent) were the key reasons given.
“The research suggests COVID-19 has left many Aussies cautiously thinking about how they can invest to take greater control of their financial future,” Julie-Anne Bosich, ING’s Head of Home Loans, said.
“While, understandably, not everyone is in a position to use their finances to invest, our research has found that for those who are, the preferred investment choice is property, especially in the current climate where interest rates are at a record low.”
Melbourne is the most attractive region to potential buyers (28 per cent of respondents planned to buy there, followed by Sydney (24 per cent), Brisbane (17 per cent), and the rest of New South Wales (16 per cent).
Interestingly, 42 per cent of NSW residents are considering buying outside of Sydney.