Australians continued to look to the booming property market, with home buying intentions up once again in February 2021.
That’s according to Commonwealth Bank’s (CBA) latest Household Spending Intentions (HSI) series, which shows intentions to buy a home are at its highest level since 2015.
Based on CBA’s analysis of Google searches and trends, as well as home loan applications, it expects the housing market to continue to be a key source of support for the economic rebound in 2021, thanks mainly to ultra-low interest rates.
That’s while house prices are rising by the highest margin in 17 years, which are now beginning to weigh on otherwise expanding consumer confidence.
This is likely to continue, with CBA and also Westpac predicting house prices rises of 16% and 20% over the next two years respectively.