The time is right to buy your new home
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.