The way Australians buy property has changed during the pandemic and two of the big four banks predict the trend will continue.
Commonwealth Bank research says younger Australians have worked out they can get around affordability issues by banding together with their mates to buy their first home.
It found two-thirds of first-home buyers say the high cost of property has led them to consider pooling resources with friends to get into the market.
NAB research found 20% of home buyers now want a property with an area that allows working or studying from home and they are more likely to consider buying in a lifestyle location.
NAB’s executive home ownership Andy Kerr says the pandemic has impacted the lives of millions of Australians, particularly with how and where they want live.“Without the daily commute, people are looking at the suburbs that haven’t been available in the past as a viable option to actually own a piece of land and build a house,” he says.