Those currently looking for homes for sale to call their own are likely to be in the same mind-set as many others, as a new study undertaken by Westpac and Sweeney Research has shown that a higher number of Australians wish to own their own home.
This information comes from the Westpac Home Ownership report, which was released earlier this week (August 19).
According to the report's findings, 57 per cent of people who were thinking of buying real estate in the next 12 months, or currently own a home, place ownership as a top priority.
In fact, the idea of owning real estate is so strong for many people that most of the survey respondents wish to buy houses for sale in their lifetime before starting a family or getting married.
The proportion of people who place getting married or having children as a top priority in life is considerably lower at 5 per cent and 8 per cent, respectively.
Furthermore, homeownership was identified by 77 per cent of respondents as the time when a property is owned outright - not when a home is first purchased with the use of a home loan.
The report found that 30 per cent of Australians currently own their homes outright, with a further 34 per cent still paying off their mortgages.
Westpac's General Manager of Retail Banking Gai McGrath stated that the report's findings indicate how important it is for many people to one day own a property. Ms McGrath also stated that "it's striking that people are prioritising this ahead of kids and marriage".
This is encouraging news for those selling real estate in Australia, as it shows that there is a high number of people who have intentions to one day buy property.
The Real Estate Institute of Australia (REIA) analysed information released by the Australian Bureau of Statistics earlier this month and found that the level of housing finance for the purchase of residential properties has risen over June.
"There are increases in the purchase of established dwellings (up 2.1 per cent in trend terms), the purchase of new dwellings (up 1.8 per cent in trend terms) and the number of commitments for the construction of new dwellings (up 0.9 per cent in trend terms)," said REIA President Peter Bushby.
These figures may increase further, after the Westpac report showed that 11 per cent of Australians are actively looking to purchase a home in the current market.
