The housing market has been hit by a new wave of optimism, with Australians believing that 2018 is the year they will finally pursue their dreams of owning a home.
According to a national poll, two in five Aussies are confident that 2018 is the right time to buy a home.
And almost a third of Australians said they planned to initiate start their purchase this year, whether upsizing, investing, moving to a new region or purchasing their first home.
The YouGov Galaxy Poll commissioned by Realestate.com.au found that millennials were especially positive, with nearly 50% of people born between 1983 and 2000 planning to buy a home in 2018.
The poll asked over 1000 people throughout Australia based on age, gender, and regional quotas indicating ABS demographic estimates.
It also covered an assortment of tenants, adult children residing with their parents, mortgagees and people who owned their home outright.
The improved positivism is attributed to steadier price movements in the midst of low interest rate.
Recent news about a slowdown maybe encouraging some buyers to believe this is the ideal time to buy.
Optimism was the highest among one group in particular – the first homebuyers – based on activity on realestate.com.au’s new home loan platforms. Dreams of home ownership has steadily grown and first homebuyers are more confident.
Excitement is coming from all categories of buyers, but especially first home buyers. It shows that the dream of home ownership has continued to grow and first homeowners are more confident today of achieving their dream of owning a home.
First home buyers throughout Australia reported that they experienced a smoother road towards home ownership than they expected.
A Newcastle couple who recently purchased their first home happily reported they would pay just $25 more each week in their mortgage compared to their present rent.
Conditions are getting better
Some homebuyers may have seen a unusual gap in the market, according to a financial services expert.
Rates are at their lowest levels, are likely to remain that way for some, and prices are low in some regions that many people are saying this is the right time to jump into the market.
In addition, investor involvement is low and foreign investors in the market are fewer, so some house hunters are confident they have a chance this year.
We are definitely seeing fewer investors at our open homes now in comparison to the same time last year. So if you have a property to sell in the lower end of the market now might be the time for you to launch it.
For an accurate appraisal contact Annette Pinkerton directly on 0418447856.