More Australians believe now is a good time to buy homes, and low levels are experiencing or expecting mortgage stresses, a new Genworth Homebuyer Confidence Index revealed.
The Genworth Homebuyer Confidence Index has increased by 1.1% in the last six months. Moreover, first homebuyer confidence has increased to a record high of 102.1 in March 2015, with 66% of first home buyers believing now is a good time to buy.
Western Australians expressed the highest confidence with a ratio of 101.6 and the largest increase of all the states, while Victoria recorded the lowest confidence index (97.6) and was the only state to see a fall since September 2014.
“More than half of those surveyed believed that now is a good time to buy property in Australia, up from 41% six months ago,” said chief commercial officer Bridget Sakr.
“Our research suggests that the first homebuyer segment appears to be more concerned about gaining access to the property market than their ability to service a mortgage. Over a third of prospective first homebuyers indicated that high property prices are the greatest barrier to
home ownership, while one in five suggested it was saving for a deposit.”