Bankwest’s Home Truths survey has revealed women and millennials are driving a mindset shift, as aspiring homeowners believe the Great Australian Dream is more achievable in WA than any other state.
Bankwest’s Home Truths analysis collected the responses of more than 1800 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 the dream of homeownership felt more achievable in WA than anywhere else in the country.
The research found that 60 per cent of Western Australians looking to purchase a home felt the goal was achievable, with the next most confident cohort coming from South Australia (54%), followed by Victoria (53%).
However, it was the confidence in affordability compared to the number of people who felt homeownership was important where WA stood out, with an almost equal number feeling it was achievable as it was important (67%).
They were responses in stark contrast to those from elsewhere in Australia, with aspiring homeowners in New South Wales experiencing 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 per cent of females in the first Bankwest Home Truths – Dec 2020 – feeling homeownership was achievable, compared to 57 per cent this round.
It was a similar increase for the state’s millennials – 23 to 38-years-old – who went from 30 to 65 per cent.
The increase in those in Western Australia 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 per cent.
Bankwest General Manager Home Buying Peter Bouhlas said: “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.
“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 homebuying confidence is reflecting that, too, with more people feeling they can afford it, than those who want it."