Homebuyer confidence grows
Consumer sentiment in the nation's housing market is growing, with a recent survey showing more people are considering breaking into the residential property sector.
The Genworth Homebuyer Confidence index, a report that measures attitudes and feelings among prospective buyers, increased 2.2 per cent to 98.4 points since March - the highest level since pre the Global Financial Crisis.
The survey also revealed that almost half of Australian homebuyers believe now is a good time to purchase a property.
Genworth chief executive Ellie Comerford attributed increasing consumer confidence to favourable economic conditions, including an official cash rate of 3.50 per cent.
"The Genworth Homebuyer Confidence index is showing that homebuyers are far more positive than much of the current public debate centred on the economy," Ms Comerford explained.
"Australia has some compelling economic indicators and a low cash rate that is making many potential homebuyers believe that now is a good time to be considering home ownership."
Mortgage stress was also found to be falling, with 18 per cent of survey respondents revealing they experienced difficulty meeting repayments, compared with 22 per cent in March this year.
Ms Comerford said while the cost of living pressures was still high, lower interest rates was helping homeowners position themselves better financially.