Australian homebuyers are feeling more optimistic about buying a home now than they were twelve months ago, new research has revealed.
Bankwest’s recent Home Truths* survey also shows that more of us are recognising the importance of home ownership.
The research found that 60% of Western Australians looking to purchase a home felt the goal was achievable, with the next most confident cohort coming from South Australia (54%), followed by Victoria (53%).
However, it was the confidence in affordability compared to the number of people who felt homeownership was important where WA stood out, with an almost equal number feeling it was achievable as it was important (67%).
These responses were in stark contrast to elsewhere in Australia, with aspiring homeowners in New South Wales experiencing the biggest gap between feeling the goal was important (69%) and achievable (47%). Interestingly, NSW was the only state where fewer homebuyers were optimistic about it being achievable than in 2020, when 58% believed it important, and 50% felt it achievable.
In Queensland, 58% of homebuyers feel ownership is important (up from 55% the previous year), and 52% feel it is achievable (up from 36% in 2021).
In South Australia, 51% of homebuyers feel ownership is important (down from 53% the previous year), and 54% feel it is achievable (up from 44% in 2021).
In Victoria, 71% of homebuyers feel ownership is important (up from 51% the previous year), and 53% feel it is achievable (up from 41% in 2021).
The confidence in WA appeared to be driven by women and millennials, with just 30% of females in the first Bankwest Home Truths – Dec 2020 – feeling homeownership was achievable, compared to 57% this round.
It was a similar increase for the state’s millennials – 23 to 38-years-old – who went from 30 to 65%.
Commenting on the results of the survey, Bankwest General Manager Home Buying Peter Bouhlas remarked that people have dealt with incredible uncertainty in recent times, so it’s perhaps not surprising to see an increase in the importance of having a roof over our heads.
*Bankwest’s Home Truths analysis collected the responses of more than 1800 Australians, to better understand the needs and preferences of those who own, or aspire to buy, their own home.