1 in 4 Aussies say now is a good time to buy a home

Share

Share

A quarter of Australians still believe now is a good time to buy a home while inflation is beginning to have an impact on renovation plans, according to new NAB research.

The latest NAB Behavioural Special Insight Report reveals the opportunities and challenges around buying property including:

  • One in three Australians think now is a good time to renovate;
  • One in two Australians renovating their home believe it’s harder to complete in the past three months, with 60 per cent signalling it had become more expensive;
  • One in five people (18 per cent) intend to upgrade their existing home and 15 per cent plan to renovate a property in the next 12 months (18 to 29 year olds most likely to upgrade their home: 23 per cent);
  • Around 28 per cent of Australians think now is a good time to get a mortgage;
  • Around 13 per cent of Australians intend to buy a home in the next 12 months, the same as the previous quarter;
  • West Australians (29 per cent) and Tasmanians (26 per cent) are the most positive about buying a home, while ACT residents (30 per cent) are keenest to buy an investment property.

 

NAB Executive Home Ownership, Andy Kerr said house price growth was easing in 2022 and more supply was coming onto the market.

“Australians remain positive about the property market, with a quarter saying now is a good time to buy a home,” Mr Kerr said.

“This is in line with last quarter, a time when it became clear price growth was slowing.

“We currently expect more subdued property price growth in 2022, with gains of around three per cent compared to 21 per cent in 2021.

“However, the market remains competitive and for many Australians buying a home can be a daunting experience.

“We’re working hard to make the experience simpler for our customers, with 80 per cent now provided a decision within a day. The confidence provided by fast decisions is critical in reducing stress and supporting customers into their dream home.”

Mr Kerr said the focus on budget was stronger than ever as new challenges emerged for those looking to build their dream home.

“Customers are telling us the amount they’re prepared to borrow to buy a home is the most important factor,” he said.

“Regardless of if you’re looking to buy or renovate, it’s important to ensure you can appropriately manage your repayments, both today and in the future.

“Aussies are among the most active renovators in the world and love to make a home truly their own, but it’s clear rising costs have made it more difficult to budget.

“While many will still pursue renovations this year, it’s incredibly important to have a buffer for the unexpected costs that are likely to pop up.”

NAB Economics recently updated its NAB Monetary Policy forecasts, with the first RBA rate rise expected in August, ahead of further rises in September and November.

 

Is now a good time to buy? State-by-state breakdown

Property intentions for the next 12 months broken down by age and state

Notes to editors

·        The NAB report was conducted with about 2000 Australian adults and weighted to the population in late 2021.

·        The full survey – including state, gender and age breakdowns – can be accessed here.

Customers, banking & finance

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • Economy

Not an easy needle to thread: NAB CEO on interest rates and the economy

NAB CEO Andrew Irvine reflects on Australia’s resilient economy and how this is impacting inflation and interest rates.

  • 10.05.2024
  • Time to read 2 min read
  • Media Release

Big savings plans for tax cut cash

Australians are planning to save – rather than splurge – extra money from their stage 3 tax cut

  • 10.05.2024
  • Time to read 2 min read
  • Diversity

“This creates a safe space for me”

NAB has made it easier for customers who identify as trans and gender diverse to affirm their identity.

  • 04.04.2024
  • Time to read 2 min read

Quick links

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights .

NAB Security Podcast

For more insights about cyber security and fraud, and practical tips on how to stay safe, listen in to NAB’s Security Podcast series.

NAB tech blog

For more insights about technology and the digital developments enabling change for customers, visit the NAB tech blog on Medium.