Australia is a nation obsessed with house prices, and with 60 per cent of people planning to buy in the next five years, the central bank is unlikely to be immune from that.
Already a subscriber?The heartbreaking battle facing first home buyers is getting harder, according to a survey of home ownership intentions from Westpac.
But the level of support is not moving with inflation, or rising house prices; it’s been static at $40,000 since 2021.The overall picture painted from Westpac’s data, which is part of a survey that has been running since 2019, is of affordability being stretched towards breaking point: the combination of 13 interest rate rises; cost-of-living pressures eating into incomes; and surprisingly strong house prices means less than 10 per cent of Australians plan to transact in the next six months.
While the data suggests investors will sit on their hands for the next six months before entering the market, the 34 per cent of investors who said they plan to buy over the next five years was a record for the Westpac survey.
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