There has been no doubt that buyers have been out in force, and it looks like that trend is set to continue.
According to the latest Westpac Home Ownership Report, 44 per cent of Australians plan to purchase a home in the next five years, a 9 per cent jump since the same survey was taken in July last year.
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 their current property.
With interesting rates having increased rapidly since 2022, people have had to find new ways to get themselves into the market – including taking on second jobs, creating side hustles or even “rent-vesting” – where you rent a property to live in that's right for your lifestyle, while you own an investment property. New ABS data showed that the number of people with more than one job climbed to a whopping 970,000 people across the country.
75 per cent of buyers are also giving up every day luxuries like food deliveries and take away to help boost their savings.
The Westpac report also found that buyers have also started to expand their search criteria, with 75 per cent now willing to buy in areas that they hadn’t previously considered. 7 per cent more people are now considering a townhouse or unit, and more than half of those surveyed (56pc) were now going to buy with a partner to get in earlier – a 16pc rise.
On the rental side of things, record low vacancy rates continue with the vacancy rate on the Gold Coast currently at 1.1% - a balanced market is considered to be 2-3%. If you have considered becoming a property investor, now is a great time as days vacant are at a minimum and we have lengthy lists of great tenants on stand by.
If you haven't had an appraisal on your home or rental property in the last 3-6 months, we would encourage you to do so as there is a very good chance that your market worth has changed.
Simply give us a call on 07 5581 4422 to organise your free market update.
