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ISCOVER
James Mitchell
Australians are divided over whether now is a good time to buy property.
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According to the latest poll by Homeloans Ltd, 48 per cent believe the market is right for investment, 32 per cent are unable to give an opinion claiming that too much uncertainty exists and 19 per cent are adamant that now is not the right time to be buying.
The survey of 2000 first home buyers, homeowners and investors ranked the greatest barriers to home ownership as high property prices, saving for a deposit, and fear of not being able to meet repayments.
“Despite these major concerns, with nearly half of those surveyed claiming now is the time to buy, it does suggest that the market is on the way back up,” Homeloans’ national marketing manager Will Keall said.
“While many of these respondents may not necessarily believe that the market has bottomed out, they anticipate prices to increase in the medium term and are seeking to take advantage of the abnormally high quantity of properties for sale in most parts of the country.”
The report showed rising interest rates were no longer a concern.
However concerns over rising living expenses increased by 7 per cent from last year, with 37 per cent of respondents said increasing living expenses were their main concern over the next 12 months.
