Women and millennials are driving a mindset shift, as aspiring homeowners believe the great Australian dream is more achievable in Western Australia than in any other state, according to Bankwest’s Home Truths survey.
The survey polled more than 1,800 Australians, with a focus on Western Australians, to better understand the needs and preferences of those who own, or aspire to own, their own home.
The results showed that the dream of homeownership felt more achievable in WA than anywhere else in the country, with 60% of Western Australians looking to purchase a home feeling the goal was achievable. The next most confident cohort was from South Australia, at 54%, followed by Victoria, at 53%.
What made WA really stand out, however, was the confidence in affordability compared to the number of people who felt homeownership was important, with an almost equal number feeling it was achievable as it was important (67%).
In stark contrast, aspiring homeowners in New South Wales saw the biggest gap between feeling the goal was important (69%) and achievable (47%).
The confidence in WA appeared to be driven by women and millennials, with just 30% of women in the first (Dec 2020) Bankwest Home Truths feeling homeownership was achievable, compared to 57% this round. There was a similar increase for the state’s millennials (23 to 38-years-old) who went from 30 to 65%.
The increase in those in WA who felt homeownership was achievable was complemented by an increase in the number of people who believed the goal was important, rising from 55 to 67%.
“People have dealt with incredible uncertainty in recent times, so it’s perhaps not surprising to see an increase in the importance of having a roof over our heads,” said Peter Bouhlas, Bankwest general manager for home buying. “I think we’re all aware of the state of the WA property market at the moment – and that extends to the shortages being felt in the rental space – which is the result of increased demand and supply pressures. WA also has the strongest economy and lowest unemployment rate in the country, likely fuelling confidence, especially among women and millennials, and helped by WA's relative affordability to the eastern states. Those of us who live in Western Australia know we’re the heart of the lucky country, but this data suggests our
Home-buying confidence is reflecting that, too, with more people feeling they can afford it, than those who want it.”
