Genworth: Survey highlights housing affordability belief
The latest Genworth Homebuyer Confidence Index has highlighted a number of statistics about those looking into buying a house in the future, those who have recently become homeowners, and the various issues these groups face today.
This information could be especially useful if you're planning on buying a home in the coming months, or anyone thinking of starting their first property investment portfolio.
For example, there has been an increase in the number of potential homebuyers who believe homeownership is becoming more realistic for Australians, with 53 per cent of respondents stating that property is achievable. This is an increase from 35 per cent back in July.
Furthermore, the affordability of a property is becoming far less of a concern for first home buyers, with only 22 per cent claiming they were avoiding the market because of it, as opposed to 34 per cent in July.
One interesting fact about the state of repayments in Australia today is that 74 per cent of borrowers are comfortable and confident in their ability to make regular payments in full and on time. This could be attributed to a number of factors, including reduced interest rates and general trends towards more affordable houses across the nation.
The nation's real estate landscape is becoming increasingly accommodating for first home buyers. However, the largest hurdle experienced by potential first time buyers is the size of the deposit - 29 per cent stated this was their main reason for not purchasing, while only 11 per cent said they wouldn't be able to afford repayments.
Interestingly,South Australian residents are spending the least amount of their income on their debts. Only 25 per cent of those surveyed spend more than 50 per cent of their income on debts, including home loan repayments.
On the other hand, Western Australians are the least likely to take home loan risks and borrow more than 80 per cent of a property's value, with only 24 per cent stating they were comfortable with that level of debt.
Despite having a low consumer confidence index of 91.6, homeowners in New South Wales are the most likely to state that now is a good time to purchase property (47 per cent). This has been attributed to the increased investor activity recorded in the state, coupled with low home loan interest rates.
If you're interested purchasing property in the near future, now could be the perfect time to begin investigating home loan options and chatting with a real estate expert in order to find the perfect property option for you.