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Brokers should see a flurry of investment activity at the turn of the new year, a new consumer survey has indicated.
According to the 2009 Mortgage Choice Property Investors Survey three out of four Australians planning to buy an investment property are waiting to make their move until after the First Home Owner Boost ends.
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Of the 1,038 respondents 76 per cent said they were delaying their investment purchase until 31 December.
This compared to just 26 per cent who were planning to delay their purchase earlier this year, indicative of the intense competition that has been developing as a result of first home buyers and concern that high demand is pushing up prices.
“Competition from first homebuyers has been so intense since late last year that most investors seem to have stepped back for the moment,” Mortgage Choice senior corporate affairs manager Kristy Sheppard said.
Despite the majority of prospective investors preferring to wait, Mr Sheppard said Mortgage Choice franchisees were already experiencing strong enquiry levels.
“A large number are calling our loan consultants to see how much money they can borrow from the various lenders on our panel and getting their finances in order, all in preparation for hitting the ground running to purchase in 2010 and 2011,” she said.
