PHOTO: Australians looking to sell increased by 9 per cent from November 2020
Thinking of selling your property soon? You’re not alone, with new research from big four bank, Westpac, finding four in ten (39 per cent) of homeowners surveyed intended to sell in the next five years.
According to Westpac, the rate of Australians looking to sell increased by 9 per cent from November 2020. The results are unsurprising given the significant momentum property values have made in the year since COVID-19 hit our shores.
In fact, CoreLogic data from earlier this week found the portion of profit-making resales between January and March increased to 90.3 per cent nationally – up from 89.1 per cent the previous quarter.
In May alone, CoreLogic’s national Home Value Index increased by 2.2 per cent. Sydney property prices increased 2.97 per cent and 11.16 per cent year-on-year. Hobart topped the monthly growth figures at 3 per cent, with a year-on-year value growth of 16.52 per cent.
It’s clear that the current state of the property market makes selling right now an interesting prospect.
Downsizing and regional moves still popular
However, not all seller intentions can be pinned down to looking to capitalise on the current value growth. Westpac’s report found a growing number of homeowners were looking to downsize, with 26 per cent hoping to nab a smaller property.
Westpac’s Managing Director of Mortgages, Anthony Hughes, said: “Our research shows that while buying intentions have tapered slightly, demand still remains stronger than it did prior to the pandemic, reinforcing that the great Aussie dream of owning a home continues to remain a priority.”
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