Is now the time to buy? Positive sentiment at an all-time high among property investors
Positive sentiment among those in the property market has reached an all-time high, since ME Bank first started its quarterly property sentiment report in 2019.
According to the report, conducted in January, Aussie property investors recorded a 15 per cent increase in positive sentiment over the quarter, with buoyed sentiment supported by expectations for residential property price increases, higher levels of market activity and government incentives.
The rise in positive sentiment was reported across all states and territories, with 72 per cent of those ‘looking to buy’ noting that stimulus measures have made buying or investing more attractive to them.
Combined with the current record-low interest rates, investing in a property is becoming an attractive option. As a result, ME’s head of home loans Claudio Mazzarella said to expect to see property investors back in full force this year.
Expectations for rising property prices
Property owners are less concerned about ‘COVID-19 impacting the value of their property’ according to ME’s report.
77 per cent of survey participants indicated they ME’s report ’expect to see property prices bounce back’ this year and 54 per cent of property owners and buyers predicted ‘prices will go up’.
“It’s clear from our latest Report that most Australians anticipate a strong uptick in residential property prices. The data also shows a general increase in people’s sense of wealth and financial confidence as a result of these price movements”, Mazzarella said.
With property experts recommending first home buyers take advantage of the remaining months of the HomeBuilder grant and government incentives, first home buyers may need to get in now.
“The flip side to higher property prices is that it will make it harder for first home buyers to get their foot in the door. It will be important for new entrants in the property market to do their research,” said Mazzarella.
Raised level of activity is expected to continue over the coming months as 78 per cent of report respondents ‘expect there will be more residential real estate activity this season to make up for last year’.
Queensland reported the highest level of positivity in Australia, with 56 per cent in metro areas and 58 per cent in the regions.
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