2021 - Australians are Set to Buy Property

Despite the recession, the $110 billion savings is likely to flow into the property market.

Gareth Aird from the Commonwealth Bank of Australia mentioned that, “The price people are willing to pay for an asset is going up and property is no exception”.

New home loan commitments reached records highs in October. The Australian Bureau of Statistics data showed that the total value rose by 0.7 per cent to $22.7 billion in October.

James Alger, principal of Mortgage Choice Dee Why said that consumers are helping their children purchase homes.

Westpac Melbourne Institute consumer survey has indicated that there is a 23 per cent rise to 132 in consumer confidence in the housing market, above the pre-covid19 levels.

Source: Domain