Buying a home remains of high importance to Australians, according to the latest Big Four bank survey of household spending intentions.
Commonwealth Bank chief economist Michael Blythe says home buying intentions are close to a historical high. Urban Development Institute national president Simon Basheer says: “We are not yet witnessing substantial impacts from the coronavirus on housing development, in terms of either project disruption or substantial supply chain effects.
“What remains the great unknown is consumer confidence and what happens to the appetite of buyers to stay active in the market.
“We’d urge governments and regulators to stay active and flexible to ensure lending continues to flow – to both developers and purchasers – both during the next few months and as we re-emerge from the peak of the coronavirus.”
Basheer warns there could be a significant lag between the return of buyer demand and the availability of stock when the pandemic is over.