Selling intentions among Australian homeowners have increased, with one in three saying that they are planning to sell their dwellings in the next five years, according to the latest report from Westpac.
Of those with plans to sell their home, one in 10 is already in the process of putting their homes on the market.
However, more than half of the would-be sellers are actively holding off from listing their property straight away.
Anthony Hughes, managing director of mortgages at Westpac, said homeowners are motivated to sell as their home preferences change.
In fact, a fifth of homeowners are selling for reasons directly related to the pandemic, like the work-from-home trend.
"Homeownership preferences have evolved since the start of the pandemic, with Australians seeking more space, peace and quiet, as well as properties which offer outdoor living like backyards and balconies," he said.
Matt Hassan, senior economist at Westpac, said the demand for housing has surged, resulting in a seller’s market.
"Sales have seen a big lift over the last four months and are up over 36 per cent on a year ago, resulting in a significant tightening in supply with listings across the major capital cities now at a 12-year low," he said. "The research suggests the situation will rebalance in coming months as more sellers come onto the market, however demand is still expected to remain strong, driving a sustained lift in prices this year and next."
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