More Homeowners Planning To Sell: Westpac
Latest figures indicate a rise in Aussies thinking about selling.
Latest figures indicate a rise in Aussies thinking about selling.
More Australian’s are thinking of selling their homes according to the latest research by Westpac.
Nearly four in ten (39%) homeowners are planning to list in the next five years – an increase of 9% since November 2020.
The report found a number of homeowners are looking to downsize, with more than a quarter (26%) looking for a smaller property.
Westpac’s Managing Director of Mortgages Anthony Hughes said the findings could be promising news for buyers.
“In welcome news for buyers, the report also found more people are now thinking about selling. This is largely being driven by confidence in getting a good return on their home, as well as an increasing desire to live in a new area as people seek more living space.
“While the report found houses are most in demand, units and apartments still remain a popular option – particularly among younger buyers who are more likely to seek the convenience and access to local cafes, restaurants, and bars, as well as downsizers who might be seeking a coastal lifestyle,” said Mr Hughes.
The report found 71% of first home buyers are seeking a house or townhouse and 62% want a property with at least three bedrooms.
Despite a slight decrease recorded in the number of Australians planning to buy a first home, competition with other buyers remains a top challenge (43%) with 29% citing a lack of listed options as a barrier to achieving homeownership – a sentiment that’s increased by 10 percentage points in the last three months.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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