Home Loan Repayment

Despite record-high prices in Australia’s housing market, a new survey shows a great majority of respondents firmly believe that it is still a good time to buy.

A joint research report conducted by Nine Awards and RP Data reveals only a slight decrease in the number of people who think that purchasing properties at this point is a good move.

The data, gathered in September, shows 66% of the respondents felt positive about buying a home, a fall from 71% from June.

However, there were some variations across regions, the report said.

All of the Tasmanian respondents felt it was a good time to buy while regional areas of Queensland (79.1%), South Australia (80.0%) and Western Australia (75.9%) also felt the time was right.

This was in sharp contrast to Sydney and the Northern Territory where 52.8% and 60% of respondents respectively felt now was a good time to buy.

While optimism for the housing market is evident, a great chunk of respondents also felt that it was vulnerable to a significant correction.

In fact, 68% indicated that a significant correction was a possibility. The figure was up from 63% in June and 66% over the previous two quarters.

The survey also found 45% think home values are set to increase further by 2015, while 63% feel that mortgage rates will be on hold for the next six months.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan