Over a million Australians intend to buy or build property within the next year according to data from Roy Morgan Research.
That’s equivalent to over half a million dwellings (investment as well as homes) trading hands or being built
Michele Levine, CEO of Roy Morgan Research said:
“With interest rates now at historic lows, this will no doubt further fuel demand in what many see as an overheated and inequitable housing market,”
Not surprisingly the sort of property these prospective purchasers want to buy differs significantly from state to state.
In the 12 months to March 2015, around 1 in 10 Perth residents (9.8%) said they intend to buy or build a new or established house or apartment within a year.
In Melbourne that number was 8.3% of residents who will be in the market, with 7.8% of Sydney residents keen to buy a property.
Between them, Sydney and Melbourne are home to just under half of all Australia’s prospective property purchasers, with potentially just over 300,000 imminent property buyers in each city.
Intention rates in Brisbane (6.7%), Adelaide (5.8%), Canberra (5.3%) and Hobart (3.5%) are below the national norm.
Most Sydney property intenders (71%) are planning to buy an established house or apartment, while almost half as many (38%) want to buy or build a brand new property.
In Melbourne 67% of intenders after an established home and 43% seeking something new.
In Perth, half of intenders (50%) want to buy a newly built house or apartment—or to build it themselves—while only 55% desire an established property.