Nearly a quarter of regional Australians are considering selling their homes in the next five years while just under one in 10 (nine per cent) are either in the process of or planning to do so in the next 12 months.
House prices have boomed in the past 12 months, and the number of sales in Victoria has shot to a record high.
The Westpac data on the number of homeowners planning to sell in 2021 has doubled compared to the number looking to sell prior to COVID-19.
Despite this increase, the research found more than half (51 per cent) said they were actively holding off from listing their property straight away.
Westpac managing director of mortgages Anthony Hughes said there had been a big shift in Australian property aspirations over the past 12 months.
“Home ownership preferences have evolved since the start of the pandemic, with Australians seeking more space, peace and quiet, as well as properties which offer outdoor living like backyards and balconies,” he said.
“The low interest rate environment, upbeat consumer sentiment and improving economic outlook is also underpinning stronger seller confidence as we head into 2021."
According to the research, one in five homeowners are selling for reasons directly relating to the pandemic — such as accommodating working from home more (11 per cent), while 25 per cent were seeking more space.
Westpac senior economist Matt Hassan said demand for housing had surged following the improved economic outlook and was running well ahead of supply.
“It is absolutely a seller’s market at the moment,” Mr Hassan said.
“Sales have seen a big lift over the last four months and are up over 36 per cent on a year ago, resulting in a significant tightening in supply, with listings across the major capital cities now at a 12-year low."
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