buy property

3.8 million Aussies plan to buy property in 2021

PHOTO: House buying

Record-low interest rates, government stimulus, the rise of remote work, and a readjustment of priorities has led to a sharp increase in house hunting, according to new research by Finder.

A “nationally representative” Finder survey of 1004 respondents revealed that 20 per cent of Aussies are looking to purchase a property within the next 12 months – the equivalent of 3.8 million house hunters.

Finder’s personal finance expert Kate Browne says the results indicate a post-pandemic housing boom is looming.

“There’s a good chance that we will see a deluge of people searching for properties, from those trying to get their foot in the market, to seasoned upgraders,” she explained.

“Yet potential buyers could experience a shortage of listings and a spike in house values as demand outstrips supply.

“With increased activity in the market, buyers might need to broaden their search and seek pre-approval beforehand to one-up the competition.”

The research shows that 32 per cent of millennials and 24 per cent of Gen Z-ers plan to buy property in the next year.