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According to survey data from the big four bank, the number of people thinking is now the right time dropped to 25 per cent in the September quarter, down from 29 per cent in the previous three months.
The number of people who thought it was a good time to buy an investment property had also narrowed to 23 per cent, from 25 per cent in the previous quarter and 31 per cent at the same time last year.
While house price growth in expected to slow next year, the number of Australians who intend to buy a home in the 12 months ahead dipped down to 13 per cent from 14 per cent in the June quarter.
Sentiment was highest in the ACT (18 per cent), Victoria (15 per cent) and NSW (14 per cent), but lowest in Tasmania (6 per cent).
NAB executive, home ownership, Andy Kerr, commented affordability has been a concern in the past year with house prices up around 25 per cent, but there are "early signs of prices easing as supply comes back on to the market".
“In October, we saw Melbourne and Sydney both ease month-on-month from their peak growth in March. NAB’s forecast is for the market to be strong until the end of the year and a more subdued market in 2022," he said.
Less than half of Aussies own where they want to live
Further research from NAB found 70 per cent of Australians live in a location they love, but less than half own their property.
A survey from NAB has shown that four in 10 (41 per cent) have bought a property in their preferred area, while around two in 10 rent and one in 10 live with family in their favoured location.
In contrast, three in 10 Aussies don’t currently live where they want.
Among the 30 per cent, there is an even split between those who have bought, rent or live with family in a location that isn’t a preferred choice.
Different states saw varying rates of area satisfaction and home ownership rates.
Queensland had the highest rate of people who were living in an area they wanted to, while 49 per cent owned property in their preferred area.
South Australia similarly had 74 per cent of people living in their preferred area, but only this was only true for 61 per cent in Tasmania, 67 per cent in NSW and 68 per cent in the ACT.
Like Queensland, around half (49 per cent) of West Australians had bought property in their preferred area.
NSW had the lowest rate of property ownership in their favoured area (34 per cent).
Mr Kerr commented the past 18 months had shown that having the right lifestyle is a key factor for Australians.
“For potential home buyers, it’s really important to be comfortable with the trade-off between buying a home within budget and the lifestyle you’re looking for,” Mr Kerr said.
He added that hybrid working has changed how Australians consider their purchases.
[Related: FHB affordability dire in Tasmania: NHFIC]
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