One-third say now is good time to buy home
On Wednesday 21 September 2011, 15:26 EST
More than one-third of Australians say now is a good time to buy a home, a report shows.The Genworth homebuyer confidence index, released on Wednesday, said 36 per cent of borrowers surveyed believed now was the right time to enter the property market.
The report also found the number of Australians suffering mortgage stress rose to 25 per cent in September, from 21 per cent in March.
Genworth chief executive Ellie Comerford said the rise in mortgage stress among homebuyers led to a two per cent drop in borrower confidence.
Despite the decline, the report said homebuyer confidence was three per cent higher than levels recorded during the 2008 global financial crisis.
Moreover, overall homebuyer confidence in Queensland improved 4.2 per cent as the state recovered from natural disasters and amid improved property prices.
"If analyst predictions of future interest rate cuts are correct, this may also help support borrower sentiment in the near future," Genworth said.
The report found first homebuyers were optimistic about the prospects about buying a home but existing debt was a hurdle for some.
Younger Australians were cutting back spending on luxury goods, clothes and reducing spending on groceries and other necessities to afford a property.
28 comments
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0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this commentjohnboy70 Report Abuse
This is DEFINATELY NOT the time to Buy a home , Houses have been overpriced in Australia by up to 75% for the past 8 years all because of the banks and the real estate institution, all they are trying to do is HYPE people into buying home now " AS THE TIME IS RIGHT"????!!!!!. the only reason they are trying to con people into buying a home now is that they are desperate in their GREED to keep the price of homes at a premium which is totally out of reach of the average person , at the same time it is elevating rents to such a degree that people can no longer afford to pay rent, let alone a mortgage. Housing needs to come down MUCH MUCH more than it is now before it will again be afforable in Australia to buy a home.
Reply - 0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 1 users disliked this commentAmazed Report Abuse
No way will house prices fall 50%.Maybe the top end will drop as they have always been overpriced.Its the areas that bring in the higher prices.A house is going to cost the same to build if its on the North Shore or a way out suburb.Its the land that costs the money so dont get your hopes up a 400g house will drop by much because they wont.
Reply - 0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 2 users disliked this commentJohn Smith Report Abuse
BIS Shrapnel should be closed down for fraud and misleading deceptive conduct. Every time their predictions of 5%+ growth ever year are wrong!
Reply - 1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this commentOsmer Flake Report Abuse
Da da daddle addle da da da da... can you hear the circus music? It's the "Loopy Sprooky Circus" featuring all those old favourites. Look, there are the "Dodgy Figures" acrobatic team twisting and contorting before your very eyes. Amazing! But remember folks, don't try this at home, those figures get regularly massaged.
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Here come the clowns in an inflatable house. But look, it's going down! Can you hear the hissing? The clowns are frantically trying to pump it up but I don't think they have enough hot air.
Thank goodness! Here come the "Experts" with their cowboy hats and six shooters, they'll surely be able to fix the problem. But no, they've released too much Shrapnel, the house is still deflating. Here's "Sprooky" the Illusionist, maybe he can save the house? Oh no! the audience have seen this show before, they can see through the trickery and know how it will end. Soon even the clowns will have to jump from the sagging house!
Da da daddle addle da da da da... - 0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 1 users disliked this commentJohn Smith Report Abuse
Mathew Charles Johnson the guy who bashed Carl williams to death should become our PM. Mathew Johnson would get my vote. He is a top bloke and a two or three time murderer..
Reply - 1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this commentgrassfall Report Abuse
LOL... and a year ago was also the 'right time to buy' according to the spruikers, but prices have all lowered since then.
Reply - 0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this commentthetrureal Report Abuse
John Smith: why rent/buy if you don't have to?
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The point I am trying to make is if you "don’t have to", to "have to"
The majority "don’t have to" leave their parents house and go pay rent or sign a mortgage. If the people stop buying, stop feed the landlords/property developers and banks, then the house prices will come down hard, HARD!!!! So for the people that "have to" rent or buy, for them the prices will fall and then they can live again and enjoy life as they work hard for very little. - 2 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 2 users disliked this commentJohn Smith Report Abuse
Younger Australians should live at parent's home or rent until they are 30 years old and they may have enough money saved up to buy a unit.
Reply - 8 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 2 users disliked this commentMike White Report Abuse
the price will drop alot more, over the year or two.
Reply - 2 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 4 users disliked this commentAnne-Maree Report Abuse
I think you are kidding yourself if you think that housing prices in the high demand areas of Sydney are going to fall by 50%. You will be waiting along time to buy.
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