But first timers aren’t feeling as optimistic as the rest of us.
The latest Westpac Home Ownership Report has found that 44 per cent of Australians plan to buy a new home in the next five years, up 9 percentage points since July 2023, reports Smart Property Investment.
In other positive news, increases were also recorded amongst Australians:
- planning to buy an investment property (up 6 per cent)
- wanting to upsize (up 4 per cent)
- making plans for a reno (up 4 per cent)
But cost of living blues had put a dampener on the spirits of first home buyers. The research showed a 3 per cent decrease in first timers planning to buy in the next five years. Still, first timers remained determined and were getting creative.
Popular first home buyer hacks expected to make it easier to buy included:
- buying with a partner (up 16 cent since June 2021)
- buying somewhere not previously considered (up 9 per cent).
Aussies were also considering rent-vesting (50 per cent) and paying lenders mortgage insurance (47 per cent) while also cutting back on expenses (65 per cent).
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