‘Ruthless’: How two in 5 Aussies will buy a home in next 5 years
Pandemics, rate hikes, dire supply, nothing is fazing the real estate juggernaut with two in every five Aussies set to buy a home in the next five years, doing whatever it takes to get there.
The latest Westpac Home Ownership Report found 44 per cent of Australians planned to purchase a home in the next five years, a 9 per cent jump since the same survey was taken in July last year.
And that surge will be joined by a 6 per cent rise in investors looking to buy property, a 4 per cent jump in people planning to upsize and 4 per cent increase in people looking to put funds into renovations.
This as new ABS data showed the number of people with more than one job climbed to over 970,000 across the country, with multi-job holders becoming increasingly creative in their side hustles to build up savings.
Westpac managing director of mortgages Damien MacRae said Aussies were focusing on long term goals doing whatever it took to get to home ownership.
“While some buyers have paused their housing plans, the intention to buy remains strong and prospective buyers are becoming more ruthless with their goals,” he said. “They understand it’s a big task, but they are determined to break into the market and are willing to compromise to get there.”
