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Spending big on a new home
Released 19 August 2010

Research by mortgage provider Homeloans Ltd reveals that buying a new home is set to be the biggest spend for NSW consumers this financial year.

According to the survey, 29 per cent of NSW respondents claimed a new home would be their largest outlay in the 2010-11 financial year. That’s ahead of West Australians (27 per cent), Victorians (26 per cent), Queenslanders (23 per cent) and South Australians (18 per cent).

“The findings confirm that New South Welshmen’s passion for property continues to outstrip other major purchases,” says Will Keall, National Marketing Manager at Homeloans Ltd.

Holidays took second place, with 20 per cent of NSW respondents expecting to take a vacation this financial year. Investing in the share market came sixth.

“Bricks and mortar investment is obviously a permanent fixture on the must-have list of NSW residents. Shares, on the other hand, were pretty lacklustre,” says Will.

Top purchases by NSW residents in the 2010-11 financial year
  1. New home
  2. Holiday
  3. Renovations/extensions
  4. Other property
  5. New car