21/11/2006 - 08:43

Solo homebuyers are 46% of market in WA: survey

21/11/2006 - 08:43

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Almost half of Western Australian homebuyers will do so without a partner even though affordability remains low, according to a survey.

Solo homebuyers are 46% of market in WA: survey

Almost half of Western Australian homebuyers will do so without a partner even though affordability remains low, according to a survey.

The survey of 1,000 people who were looking to buy their own homes within two years by mortgage broker Mortgage Choice found that almost 36 per cent will make the acquisition on their own, with the rate at 46.2 per cent in Western Australia.

That compares with the national 17.6 per cent who bought houses on their own over the past two years, the broker said.

The trend showed that even as people put off committing to a partner until later in life they still want to invest in the property market, Mortgage Choice said.

"These days, it is becoming more common for people to commit to another person later in life but they are not letting this stop them from investing in the property market," Mortgage Choice national corporate affairs manager Warren O'Rourke said.

"Even low housing affordability is not a deterrent."

Even so, most people will still wait till they find Mr or Ms Right before they buy a property.

Some 56.1 per cent of people planning to buy a house in the next two years will do so with a partner.

That's compared with 76.2 per cent who bought homes with a partner over the last two years, the survey showed.

"It is exciting to note that even a four year or less period can make a significant difference in the home purchase intentions of Australians," Mr O'Rourke said.

"We are curious to see what those figures will be by 2010."

 

 

The full text of a company announcement is pasted below

Less Australians are buying property with a partner and more are buying on their own, despite the much-publicised low housing affordability levels, according to a survey by Mortgage Choice.

Mortgage Choice, Australia's leading mortgage broker, believes that this intriguing homebuyers trend will continue to increase significantly and become entrenched as a very important part of the future's property landscape.

The results of the company's latest independent online survey reflects the shift that many in the mortgage and real estate markets are seeing - a significant difference in the relationship status of homebuyers.

Mortgage Choice National Corporate Affairs Manager, Warren O'Rourke said the trend is most likely influenced by Australians taking longer to commit to a lifelong relationship.

"Traditionally, the next step after committing to a steady relationship with your partner was buying property - whether by moving in together or getting married," he said.

"These days, it is becoming more common for people to commit to another person later in life but they are not letting this stop them from investing in the property market. Even low housing affordability is not a deterrent. They are empowering themselves as individuals and taking charge of a property portfolio on their own".

The nationwide mortgage broker's Emotional Drivers Survey, which interviewed over 1,000 Australians, found that people looking to buy their own home within two years were much more likely to buy on their own than those who had bought a home less than two years ago.

Over a third of these homebuyers-to-be, or 35.8 per cent will buy on their own while 56.1 per cent will buy with a partner. This compares to 76.2 per cent of those who purchased a home within the last two years buying with their partner and only 17.6 per cent buying on their own.

"It is exciting to note that even a four year or less period can make a significant difference in the home purchase intentions of Australians. We are curious to see what those figures will be by 2010," Mr O'Rourke said.

Gender made very little difference for the home purchase plans of the buyers-to-be, with 35.6 per cent of females planning to buy on their own comparing with 36 per cent of males. For those who live in a property they bought less than two years ago, only 16.3 per cent of females and 18.8 per cent of males bought on their own.

Looking at state vs. state figures, Western Australia had the highest number of buyers-to-be planning a solo home purchase at 46.2per cent. The lowest number of sole purchasers was from New South Wales' 32 per cent, in a state that is renowned for its low housing affordability.

"The housing market looks set to continue to see more and more Australians taking out mortgages they have sole responsibility for," Mr O'Rourke said.

"It seems the future will bring a remarkably different mortgage applicant landscape when it comes to homebuyers. We are curious to see the effect this will have on housing development over the long term.

"Whatever happens, we are happy to see that although people are partnering up later in life, this will not prevent them from buying their own home, their own little piece of Australia".

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