Majority still consider buying property despite price hikes

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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.

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Wednesday, Sep 20, 2017
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