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New research has found that Australians increasingly have their sight set on buying property, with one in four looking to purchase now.
The research, commissioned by ING, has found that 26 per cent of Aussies think now is the time to buy a property in order to safeguard their future. Forty-four per cent described property as the strongest investment option.
Low interest rates was pinpointed as a key factor for 32 per cent who feel more confident to buy property, while 27 per cent said it was the prospect of lower house prices.
A further 37 per cent of Aussies surveyed said they are saving more, while 40 per cent said they are spending less, during the COVID-19 pandemic.
“The research suggests COVID-19 has left many Aussies cautiously thinking about how they can invest to take greater control of their financial future,” said Julie-Anne Bosich, ING’s head of home loans, commenting on the findings.
“While, understandably, not everyone is in a position to use their finances to invest, our research has found that for those who are, the preferred investment choice is property, especially in the current climate where interest rates are at a record low.”
Breaking down those looking to buy, the ING research found that 25 per cent of Millennials and 23 per cent of Gen Z were saving to cover costs associated with their planned property investment.
Melbourne is the number one hotspot 28 per cent of Aussies are looking to invest in, according to the research. This was followed by Sydney, which 24 per cent of respondents selected, then Brisbane (17 per cent) and the rest of NSW (16 per cent).
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.