The Genworth homebuyer confidence index has recorded its highest level since 2007. The survey also reports fewer first time buyers are anxious about affording mortgages or deposits and most states and territories recorded sentiment rises.
The Genworth Homebuyer Confidence Index, based on a survey of 2000 respondents, has recorded its highest level since 2007, of 98.4, an 8 percent increase on the index’s 2008 low.
49 percent of survey respondents said now is a good time to buy a house, an historical high for the index. It also represents an increase of 10 percent when compared to March 2012 results. Queensland is the most positive about buying on a state-by-state basis, with 54 percent of respondents saying now is a good time to buy.
The index has recorded its second consecutive decrease in mortgage stress reported by respondents, with 82 percent saying they are confident in abilities to make mortgage repayments.
11 percent of first home buyers said they are deterred from entering the market because they cannot save for a deposit, which is down from 30 percent in March 2012. A total of 5 percent said they have not entered the market because they cannot afford mortgage repayments, which is down from 19 percent in March.
With the exception of Tasmania, all states saw sentiment increases. Victoria had the biggest increase in its sentiment, up 7.7 percent from its March 2012 low of 92.3. Western Australia remains the region with highest sentiment.
Find the Genworth report here