24% of respondents of the 2017 Property Investor Sentiment Survey conducted by Michael Yardney’s Property Update together with Your Investment Property Magazine said they planned to buy a new home in 2018.
This is up considerably from 14% who were planning to buy a new home 12 months ago.
But these potential home buyers are not being unrealistic about what’s ahead for property - 64% of respondents believe that property prices will remain flat, or increase by less than 5% over the next year.
Despite our property markets moving to the next phase of the cycle and property price growth slowing down, 60% believe now is a good time to buy property.
“There are a number of likely reasons for this increased desire to buy a new home” said Michael Yardney, CEO of Metropole Property Strategists.
“On the one hand, many existing home owners are sitting on a significant amount of equity in their homes at present, following the recent strong property price increases. They now see the markets are taking a breather which will allow them a window of opportunity to upgrade their homes.”
“At the other end of the spectrum First Home Owner Grants and Stamp Duty concessions in several states, are encouraging greater activity by first-home buyers.
“The number of first-home buyers in the past year was the highest since June 2015, according to a recent BankWest report.
“And National Australia Bank’s most recent quarterly survey indicates that around 30% of all residential sales are being made to first-time buyers (including rentvestors).”
The survey: In November Michael Yardney’s Property Update and Your Investment Property Magazine polled their readers and 2,250 property investors and would be investors gave their input to the 2017 Property Investor Sentiment Survey, the largest and longest running survey of its type in Australia
Running since 2011, it offers rich and vibrant insights into how property consumer trends and sentiments have changed over time.