FOMO is driving customers to buy, buoyed by prices
Unsurprisingly, the rising cost of property and, in turn, the size of the deposit needed are the two most common barriers to property ownership in Australia.
This comes as both property owners and non-owners alike recognise how difficult it is to buy property, with nearly 60 per cent of property owners stating it is difficult to buy a property and three-quarters (78 per cent) agreeing it is harder for the current generation to purchase a home including those over 50 (73 per cent).
Interestingly, the data found that while price is the biggest barrier to entry for potential property buyers, it is also the biggest incentive – with over 60 per cent saying they are worried about being priced out of the market, and more than one third (35 per cent) saying they have a Fear of Missing Out (FOMO).
Australians also feel pressure from friends and family, with 44 per cent of those property buyers who admitted to feeling pressure saying that the push comes from friends/colleagues who have already bought and parents/family who want them to buy.
Pressure to buy combined with rising property prices has resulted in more than one third of Australians (37 per cent) to consider moving interstate/to a regional town to buy property in search of more affordable options that require less compromise on proximity to work or size of property.
Further, flexible working arrangements introduced during COVID-19, means many Australians now feel comfortable considering moving interstate. According to the data, 45 per cent of those under the age of 40 years said working from home has changed how they think about property.
Those in Victoria have seen the biggest impact on their consideration for a home with an outdoor space, near nature or in a regional area.