A survey conducted by NAB of more than 2,000 Aussies, shows almost one in 10 moved because of COVID and are not planning to return.

The data also shows the factors that have become important to Australian homebuyers since the pandemic, with lifestyle being the top influence for 42% of respondents.

NAB Executive Home Ownership, Andy Kerr, said COVID-19 fundamentally changed how Australians purchase a home.

"The pandemic has impacted the lives of millions of Australians, particularly with how and where they want to live. What we have seen as a result is flexible working providing opportunities for people to live wherever they like and still work from home," Mr Kerr said.

"Without the daily commute, people are looking at the suburbs that haven’t been available in the past as a viable option to actually own a piece of land and build a house.

"Australians also clearly value lifestyle choices, having that work-life balance and being closer to family. Many of us want to live near a café or supermarket, be able to drop the kids off at school and have access to trains or trams."

Reasons for moving state

AUS NSW VIC QLD SA WA
For lifestyle 42% 44% 41% 47% 48% 31%
For family wellbeing 31% 31% 31% 19% 32% 42%
For employment 29% 30% 27% 32% 13% 25%
To be closer to family/friends 26% 28% 17% 26% 40% 37%
To avoid COVID restrictions 15% 16% 15% 13% 23% 17%
To avoid lockdowns 15% 13% 20% 14% 18% 10%
Moving my existing business 8% 7% 7% 10% 14% 8%
To start a new business 7% 12% 4% 4% 5% 6%
Other 9% 10% 7% 10% 4% 8%

Source: NAB

NAB MOVE.JPG

Source: NAB

"Australians have embraced flexible working during the past 18 months of the pandemic where you don’t need to be in a city office five days a week," Mr Kerr said.

"Queensland and South Australia have largely avoided lockdowns and restrictions and offer the lifestyle benefits unique to both states. Recent data has also shown us there is great value in buying property in both states where it might be cheaper than renting."

Buying property with mates

New research from CommBank has revealed that a quarter of Australians have considered buying property with a 'non-traditional' partner including parents, siblings or friends.

Two thirds of the 1,000 respondents indicated that affordability is the driving factor behind this consideration.

Commonwealth Bank’s Executive General Manager of Home Buying, Dr Michael Baumann, said while rising house prices build equity and help create wealth for incumbent owners, they also pose affordability challenges to first homebuyers looking to enter the market.

“Property Share is a little known feature among customers but with growing challenges around housing affordability, it may be appealing to customers who are looking for new ways to be able to afford a property given the current market conditions," Mr Baumann said.

CBA's research also highlighted the influence of FOMO (fear of missing out) on the market. 

While price is the biggest barrier to entry for potential property buyers, it is also the biggest incentive – more than 60% said they are worried about being priced out of the market, and 35% said they have a Fear of Missing Out (FOMO).

"Property Share is another way we are helping customers who are struggling to save for a deposit by enabling them to split the cost of buying a house with friends or family while keeping their finances, ownership and repayments separate," Mr Baumann said.

Also read: Should you buy a house with a friend or family member?

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Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by Marcin Simonides via Unsplash



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