Property pump persists: 3 million Australians plan to buy before 2022
As millions of Australians are plunged into lockdown, the property market is showing no signs of slowing down, according to staggering new research by Finder.
A nationally representative survey of 1,015 respondents found that even with huge rises in average prices in most capital cities, almost 3 million Australians are planning to purchase a property in the next 6 months.
The research revealed 7% of Australians are looking to buy as an investment, while 7% plan to live in the home they buy.
Finder's survey shows 27% of Australians – equivalent to over 5 million people – would buy a property in the next 6 months if they were able to afford it.
To help first home buyers get their foot on the property ladder, Finder is hosting a masterclass: Figure it out with Finder: How to buy your first home.
Finder's personal finance expert, Kate Browne, and home loans expert Sarah Megginson, alongside a panel of some of Australia's leading property experts will share their best tips to break into the property market.
Megginson said that when it comes to getting your foot in the door, planning is key.
"Buying your first home is one of the most significant financial commitments you'll make in your life, and that can feel intimidating.
"Fortunately, there are many ways to enter the market, and it's not a race."
Megginson said financial preparedness was key for first home buyers.
"In a hot property market, it's understandable that many are worried about affordability, and getting 'priced out of the market'.
"That's why Finder is hosting this masterclass – a dedicated space to helping first home buyers overcome their property fears and give tips on what and where to buy.
"We'll also run through how to choose a home loan that won't cost you a fortune, and discuss the government grants that attendees might be eligible for. These can be worth tens of thousands of dollars and can help first home buyers get into the market sooner," Megginson said.
The research found that more than 1 in 4 millennials are in the market for a new home or investment (27%), compared to 17% of gen Z and 9% of gen X.
Just 4% of baby boomers plan to purchase a home in the coming 6 months.
Men (19%) are twice as likely as women (9%) to be in the market for a new home or investment.
|Are you planning to buy property within the next 6 months?|
|No, but I would if I could afford it||27%|
|Yes, as an owner-occupier||7%|
|Yes, as an investor||7%|
|Source: Finder survey of 1,015 respondents, July 2021|