One In Three Homeowners Want To Sell
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One In Three Homeowners Want To Sell

Seller confidence rebounds as buyer demand continues to surge.

By Terry Christodoulou
Mon, Mar 8, 2021 5:07amGrey Clock 2 min

Research released from Westpac shows that one in three Australians are thinking about selling their home with the effects of the pandemic easing and low-interest rates improving market sentiment.

More than 35% of homeowners are planning to sell in the next five years, with 12% already in the process of putting their house on the market or planning to do so in the next 12 months.

The uptick in seller confidence shows an increase of five percentage points when compared to last quarter, and double the number of homeowners that were planning to sell prior to COVID-19.

However, despite the increase, the research found 51% say they’re actively holding off from listing their property straight with the competition with other buyers listed among the top challenges for sellers.

“Home ownership preferences have evolved since the start of the pandemic, with Australians seeking more space, peace and quiet, as well as properties which offer outdoor living like backyards and balconies,” said Westpac’s Managing Director of Mortgages, Anthony Hughes.

“The low-interest rate environment, upbeat consumer sentiment, and improving economic outlook is also underpinning stronger seller confidence as we head into 2021. This will no doubt be welcome news for buyers eagerly awaiting more homes to come on the market,” said Mr Hughes.

Further, one in five homeowners are selling for reasons directly relating to the pandemic including, accommodating working from home (11%) while (25%) also seeking more space.

Westpac Senior Economist Matt Hassan said demand for housing has surged following the improved economic outlook and is running well ahead of supply.

“It is absolutely a seller’s market at the moment. Sales have seen a big lift over the last four months and are up over 36 per cent on a year ago, resulting in a significant tightening in supply with listings across the major capital cities now at a 12-year low,” said Mr Hassan.



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London’s Luxury Property Market Turns a Corner

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

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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.

MOST POPULAR
35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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