One in ten homeowners were already in the process of putting their home on the market, or making plans to do so, in the next year, according to Westpac bank research.
This points to a surge in seller confidence which is now higher than it was before the pandemic.
Perhaps not surprisingly it’s the promise of greener pastures – in some cases quite literally – that is driving the urge to move.
“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,” Westpac Managing Director of Mortgages Anthony Hughes told 9news.com.au.
“This is fuelling buyer demand and motivating more Australians to think about selling their current property so they can purchase a new home to better meet their future needs.”
Historic low rates and pent up buyer demand have led to a surge in Aussie house prices this year with some banks forecasting 10 per cent growth this year and another 10 per cent again in 2022.
This is buoying consumer confidence which in turn is encouraging sellers to re-enter the market.
“This will no doubt be welcome news for buyers eagerly awaiting more homes to come on the market,” Mr Hughes said.