Westpac Research delves into Home Ownership

The cost of living has undoubtably affected several aspects of our lives and home ownership is no different, this is why Westpac partnered with Lonergan research for their Home Ownership Report. Our research revealed Australians are feeling more confident about their home buying/renovating plans and why non-home owners are avoiding purchasing a home.

Some of the key findings were:

  • 56 per cent of aspiring homeowners were planning to buy with their partner, up 16 per cent from 2021, while three quarters were willing to buy somewhere they weren’t previously considering, a 9 per cent increase.
  • While 39 per cent of potential buyers still preferred to buy a detached home, 18 per cent opted for purchasing an apartment or unit, up from 11 per cent in 2021.

In terms of dwelling type preferences: interest in purchasing a townhouse had doubled to 12 per cent, up from 6 per cent in 2021