New ING research reveals one in four Aussies (26%) say now is the time to buy a property investment to safeguard future
As Australians continue to adapt to the changing economy due to COVID-19, new ING commissioned research has found Aussies are feeling positive about investing in a recession, with almost half (44%) seeing property as the strongest investment option and over a quarter (26%) believing now is the best time to climb the property ladder.
With many Aussies saving more (37%) and spending less (40%) during COVID-19, the ING report reveals how four in ten (44%) Aussies and half (50%) of Millennials feel positive about buying an investment property, with low interest rates (32%) and the prospect of lower house prices (27%) amongst the key factors spurring Aussies on.
“Julie-Anne Bosich, ING’s Head of Home Loans says:
“The research suggests COVID-19 has left many Aussies cautiously thinking about how they can invest to take greater control of their financial future.”
“While, understandably, not everyone is in a position to use their finances to invest, our research has found that for those who are, the preferred investment choice is property, especially in the current climate where interest rates are at a record low.”
The ING research found that property investment has been particularly front of mind for young Australians, with one in four Millennials (25%) and Gen Z (23%) saying they have been saving to cover costs associated with their planned property investment.
Additional key report findings:
- A 2020 vision on Australian finances: Since the pandemic, one in four (23%) Australians plan to better manage their money by sticking to a budget, with the majority (56%) of Australians feeling positive about achieving their short-term savings goals.
- Financial confidence: The ING report has shown how COVID-19 has empowered Aussies to better understand their finances with one in four (27%) saying they feel more confident about their financial knowledge now than they did pre pandemic.
- Areas of investment: Melbourne (28%) is the number one region that those looking to invest in property are planning to invest nationwide, followed by Sydney (24%), Brisbane (17%), and the rest of New South Wales (16%). 42% of NSW residents are also considering buying outside of Sydney.
Notes to editors
This research survey was commissioned by ING and conducted by YouGov in two research questionnaires over August and September 2020. The nationally representative sample comprises 2,075 Australians in total aged 18+ years distributed throughout Australia and weighted by age, gender and location to reflect the latest ABS population estimates.
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