The time is right to buy your new home

Port Douglas & Mossman Gazette - - FRONT PAGE -

MORE than three- quar­ters of Aus­tralians be­lieve flat prop­erty prices and fall­ing in­ter­est rates mean now is the time to buy a home, a sur­vey shows.

The Com­mon­wealth BankMort­gage and Fi­nance As­so­ci­a­tion of Aus­tralia (MFAA) home fi­nance in­dex, re­leased yes­ter­day, found 75.8 per cent of peo­ple be­lieved house prices would grow or re­main sta­ble be­tween now and the end of the year.

The sur­vey found 77.9 per cent of re­spon­dents be­lieved now was a good time to buy, with Aus­tralian house­holds at their high­est level of fi­nan­cial con­fi­dence since May 2011.

MFAA chief ex­ec­u­tive Phil Nay­lor said that all signs pointed to a re­cov­ery in the prop­erty mar­ket.

" The prop­erty mar­ket is all about con­fi­dence and the sur­vey con­firms good times are ahead, es­pe­cially as in­ter­est rates continue to fall," he said.

The Re­serve Bank of Aus­tralia low­ered the cash rate to 3.25 per cent at its Oc­to­ber board meet­ing and economists have fore­cast fur­ther in­ter­est rate cuts in the months ahead, start­ing next Tues­day.

Sep­a­rately, a re­cent re­port from RP Data-Ris­mark showed cap­i­tal city prop­erty prices had risen for the fourth straight month in Septem­ber.

The CBA-MFAA re­port said the vast ma­jor­ity of home loan bor­row­ers were find­ing it eas­ier to make mort­gage re­pay­ments than they were six months ago and 63 per cent of first home buy­ers be­lieved now was a good time to buy as prop­erty prices rep­re­sented "good value" and in­ter­est rates were low.

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