Carolyn Mccann

New Westpac research has found millions of Australians are delaying major property decisions as affordability, house prices and interest rates fuel concerns in the housing market.

Findings from the latest Westpac Home Ownership Report have found two in five (41%) think now is a bad time to buy a first home and almost half (47%) think now is a bad time to sell a property. Further, three quarters (75%) of first home buyers are holding off on buying a property until prices fall more and 73 per cent are delaying a purchase until interest rates stabilise.

Despite these concerns, four in five (79%) first home buyers feel more motivated to buy a property now compared to 12 months ago and more than half (55%) of Australians intend to make a housing change in the next year. This includes plans to renovate their home (19%), buy a first or new home to live in (15%), buy an investment property (8%) or sell a home (6%).

Housing affordability remains the biggest factor influencing property decisions (40%), followed by interest rate uncertainty (32%) and falling property prices (30%).

Westpac Chief Executive, Consumer, Carolyn McCann, says Australians aren’t abandoning their property ambitions altogether, but feel conflicted about the uncertainty in the current market.

“We’re not seeing a mood of crisis, rather a mood of concern. The market has paused as people try to make sense of conflicting signals around interest rates, house prices, cost-of-living pressures and the broader economy,” McCann said.

“While we’ve seen a downturn in mortgage applications of around five per cent since May, activity is beginning to recover with applications up 15 per cent from the July low^[1].

“People still want to buy and sell property, but many are seeking greater certainty before making a move. The challenge is that waiting for the perfect moment can mean missing opportunities that are right in front of you.”

The hesitation is also being fuelled by ongoing supply constraints, with 31 per cent of Australians saying there either aren’t enough properties available, or those that are on the market don’t meet their needs.

However, the findings suggest that while confidence has softened, Australians remain committed to their long-term property goals. Confidence in property as a long-term investment remains strong, with four in five (81%) agreeing that owning a property remains the best way to build wealth.

Buyers are also actively adjusting their strategies in response to changing market conditions, identifying an opportunity to make lower offers (19%), revise their deposit target (17%) or consider suburbs previously outside their budget (16%).

“Market conditions will continue to change, but for many Australians the dream of owning a home remains as strong as ever – an aspiration that’s underpinned by a belief that property remains one of the best ways to build long-term wealth,” McCann said.

“But many buyers are worried about getting the timing wrong and are therefore weighing up whether prices could fall further, whether interest rates might move again and whether waiting could leave them in a better position.

“While recent falls in house prices will be welcomed by first home buyers looking to enter the market, we also know that housing affordability and availability remains a major long-term challenge for many.

“The reality is that property decisions are rarely driven by just one factor. Buyers who are financially prepared and have found a property that meets their needs should focus on their long-term goals rather than dwell on predicting every market movement.”

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Notes:
[1] At w/e 2 October 2026, total mortgage applications were down -5% on pre-Budget levels based on a four-week rolling average. This is up from -20% in the July trough.

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Carolyn McCann

Westpac is delighted to announce a major new three-year partnership with Queensland Rugby League (QRL) that will see Westpac become front of jersey sponsor for the Queensland Maroons men and shoulder sponsor for the Harvey Norman Queensland Maroons women.

The partnership builds on Westpac’s commitment to providing equal opportunities in both the men’s and women’s game. It will support all levels of the game in Queensland, from grassroots clubs across the state, future pathways for talented young female athletes through the Future Women’s Maroons Academy, and elite level through the State of Origin series.

To further demonstrate Westpac’s commitment to the safety of Queenslanders, Westpac will also donate $5,000 to the Westpac Lifesaver Rescue Helicopter Service in Queensland for every Maroons try scored by both the men and women’s teams at the 2024 State of Origin series.

At a partnership announcement today at Kayo Stadium, Maroons stars Ben Hunt & Ali Brigginshaw, Maroons women’s coach Tahnee Norris and Queensland Rugby League CEO Ben Ikin were joined by Westpac’s Group Executive, Customer & Corporate Relations, Carolyn McCann.

“Westpac has a long and proud history in Queensland. Our first branch opened in Brisbane in 1850, and we’ve been helping keep Queenslanders safe through our partnership with the rescue helicopters for more than 47 years in the state,” said Westpac’s Carolyn McCann.

“Our partnership with QRL further strengthens our commitment to Queensland and will enable us to connect more customers, communities and clubs with the game across the state, from grassroots to elite level.

“We’re proud to be one of the biggest supporters of female participation in sport in Australia. We’ll continue to grow both the men’s and women’s game in Queensland through this partnership, whether it’s at the grassroots level, female pathways programs, or at State of Origin. We can’t wait to get started.”

QRL Chief Executive Ben Ikin said. “We are thrilled to welcome Westpac to the Queensland Rugby League family at such an exciting time for the game in our state. Community rugby league participation numbers are up, we’ve witnessed another enthralling finals series in our statewide competitions, and our Queensland Maroons are building something special following series wins in the men’s and women’s Origins. This partnership with Westpac will only add to that momentum, as they share our passion for supporting communities right across Queensland.”

Harvey Norman Queensland Maroons captain Ali Brigginshaw said: “This partnership represents another significant step forward for women’s rugby league. I often reflect on how far the game has come since my time playing junior footy against the boys in Ipswich, and it’s inspiring to be able to lead our state while knowing that Westpac are right behind the team and the Future Women’s Maroons Academy.”

To celebrate this new partnership, from 20 – 23 September 2023, Westpac and Queensland Rugby League will be showing off the new Maroons jersey and both State of Origin shields with current players and former Origin greats at a first-of-its-kind regional roadshow. Fans will be invited to take pictures with both shields and players using a bespoke filter which allows them to try the new jersey on virtually, before it becomes available in December.

Westpac and Queensland Rugby League roadshow dates & venues

• Wednesday 20 September: Westpac Toowoomba, Clifford Gardens Shopping Centre 10 – 11:30am
• Thursday 21 September: Westpac Rockhampton, Stockland Shopping Centre 12 – 2pm
• Friday 22 September: Westpac Mackay, Caneland Central 10 – 11:30 am
• Saturday 23 September: Westpac Townsville, Castletown Shopping Centre 10 – 12pm

The new jersey for the Queensland Maroons will be available in-store in December.

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“To sharpen our focus, we are appointing dedicated Group Executives responsible for Consumer banking and Business banking,” said Mr King.

“Over the past few years we’ve simplified the bank, including exiting nine businesses. As a result, we no longer need a Specialist Businesses Division.”

“We are also establishing a stand-alone function to accelerate our Technology simplification and will move Operations to Corporate Services, creating an expanded shared services team.”

Leadership Changes:

• Jason Yetton, Chief Executive, Consumer
• Anthony Miller, Chief Executive, Business & Wealth
• Nell Hutton, Chief Executive, Westpac Institutional Bank
• Scott Collary, Chief Information Officer
• Carolyn McCann, Group Executive Customer & Corporate Services

With the separation of Consumer & Business Banking, Chris de Bruin, current Chief Executive, Consumer & Business Banking has decided to leave the Group to pursue new opportunities.

“I want to thank Chris for his contribution to the bank. In particular, he’s led the digitisation of the Consumer bank, including the delivery of major initiatives such as the digital mortgage and payment solutions. He’s also driven our branch co-location strategy and strengthened the franchise. Chris will assist with the transition to the new structure,” Mr King said.

“The new structure will give the leadership team a greater focus on growing their businesses and delivering for customers.

“Jason has a 30-year history with the Group. His breadth of expertise stretches across all facets of banking, including time running Westpac’s retail and business banking division from 2011 to 2015. Jason has also led our portfolio simplification since 2020.

“Since joining three years ago, Anthony has grown our institutional business while improving return. He is a seasoned banker, having held executive and client facing roles at some of the world’s leading banks. Anthony is well-placed to drive growth in Westpac business banking.”

Mr King said he was pleased to have someone of Ms Hutton’s calibre join the executive team.

“Nell is an outstanding leader, who has delivered a strong performance during her time leading Financial Markets and will continue to build the Institutional Bank.”

Mr King said the Group has a significant technology and customer agenda underway.

“Scott Collary will continue to spearhead our technology transformation with a focus on streamlining our tech systems across the Westpac Group, while Carolyn McCann will lead an expanded division for customer and corporate shared services, including operations, helping to leverage the benefits of scale.”

The organisation changes will take effect on 1st August 2023 and will be reflected in the 2024 financial results.

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