Gen Y gen­er­ally up­beat

The Weekend Post - Real Estate - - Front Page - Teela Jur­gensen

QUEENS­LAN­DERS are more pos­i­tive about hous­ing af­ford­abil­ity than peo­ple any­where else in Aus­tralia, with Gen­er­a­tion Y the most up­beat of all when it comes to prop­erty prices, ac­cord­ing to new re­search.

The an­nual realestate.com.au Hous­ing Af­ford­abil­ity Sen­ti­ment In­dex (HASI), which tracks the sen­ti­ments of Aus­tralians to­wards the cost of hous­ing, re­veals that, in gen­eral, all states and gen­er­a­tions have a brighter out­look on prop­erty prices than they did 12 months ago.

This is de­spite sta­tis­tics based on the RP Data-Ris­mark Daily Home Value In­dex show­ing cap­i­tal city home val­ues have all im­proved over the last year.

The HASI re­sults are driven by an eas­ing of house­hold ex­penses and debt com­bined with in­creas­ing house­hold sav­ings.

The in­dex also re­veals that first-home buy­ers are re­turn­ing to the mar­ket, mak­ing up 46 per cent of those look­ing to buy, com­pared with 28 per cent at the same time last year.

The HASI is based on a na­tional sur­vey of 2400 online panel mem­bers con­ducted by in­de­pen­dent re­search com­pany Re­search Ink on be­half of realestate.com.au.

In Queens­land, 37 per cent of re­spon­dents be­lieve their fi­nances will im­prove (an in­crease of six per cent from 2012) and 28 per cent be­lieve hous­ing af­ford­abil­ity will im­prove (up seven per cent).

Gen­er­a­tion Y (born 1981–1993) is the most pos­i­tive about hous­ing af­ford­abil­ity in the coun­try: 14 per cent of the those sur­veyed re­port they own an in­vest­ment prop­erty and home – an in­crease of six per cent on 2012 – and 24 per cent of those in the prop­erty mar­ket say the cur­rent eco­nomic con­di­tions in­crease their like­li­hood of buy­ing or build­ing.

Jus­tine Davies, fi­nance ed­i­tor at re­search and rat­ings or­gan­i­sa­tion CANSTAR, says the jump in first-home buy­ers look­ing to en­ter the mar­ket is en­cour­ag­ing.

‘‘To me that in­di­cates there is a real feel­ing now that home own­er­ship is be­com­ing more af­ford­able, in part due to low in­ter­est rates that are boost­ing con­sumer sen­ti­ment,’’ she says.

Pic­ture: THINKSTOCK

Pos­i­tive out­look: Queens­lan­ders are con­fi­dent about buy­ing.

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