Major property markets are poised for busy activity this Spring, with a new survey showing that home seekers are feeling more optimistic.
Property seekers are eyeing Spring with renewed hope of bagging their dream home, with bank research showing consumers have new reasons to be optimistic about housing markets.
Westpac’s latest Housing Sentiment Survey indicates that over half of respondents believe it’s a good time to get into the market. Home-owners with plans to upsize to a larger home are feeling particularly optimistic, with nearly three-quarters of those surveyed believing it’s a good time to purchase their next home.
There was a 125% increase nationally in the proportion of home-owners who feel current conditions are more favourable for up-sizers than a year ago.
According to the survey, most Sydneysiders believe there is an opportunity to capitalise on lower prices before the market returns to boom conditions. Many cite lower interest rates as a motivator to get into the market but others have decided to finally make a move after avoiding the housing market during the recent downturn.
Westpac general manager home ownership Will Ranken says renewed confidence is coming from a number of sources.
“Easing house prices in major cities like Sydney and record low interest rates have created a positive market for buyers,” Ranken says.
“There are also new incentives and discounts available for buyers, which coupled with the low interest rate environment, make it an attractive time to think about purchasing a new home.”