Australians are passionate about homeownership, with Millennials particularly keen about climbing onto the property ladder.
More than one in four Australians (26%) plan to buy a property in the next two years, according to an ING survey of 2,113 people.
The number is even higher for Millennials, with about one in three (32%) planning to buy a property within the next two years.
There’s a feeling COVID has softened the property market and made homeownership more achievable – 46% of Millennials hold that view.
The key reasons why Australians believe buying a home in the post-COVID market is more achievable are:
Low interest rates = 39%
A more affordable housing market = 33%
New government schemes = 32%
Also, 69% of people say the pandemic has forced them to take more control over their finances.
The average price people want to spend on a home is $644,000 in NSW, $575,000 in Victoria, $504,000 in Queensland, $477,000 in Western Australia and $467,000 in South Australia.