Australia was one of the countries that came out of the GFC on top. Research now indicates that the housing market looks like it is going to take off again. Mortgage and Finance Association of Australia (MFAA) and BankWest recently conducted surveys finding that almost three in four (73%) of respondents expect house prices to rise, which is the highest level of confidence in more than three years.
Below is an excerpt from RP Data with relation to the research carried out.
“Phil Naylor, CEO of The MFAA said confidence in the housing market is not only pre-GFC – it’s back where it was during the height of the housing boom.
However, he warned that the recent interest rate increases are negatively impacting households.
The proportion of respondents who are struggling to meet their mortgage repayments have increased to 15.9% from 11.7% in May 2009.
About half of the respondents believe now is a good time to buy a new home, with almost two-thirds (63%) of South Australians saying now is a good time to buy. Queensland was the least optimistic at just 41.4% of respondents believing it was a good time to buy.”
First National Metro sales team is confident that this increase is a realistic expectation and sales results over the last three months are showing the trend towards this outcome.
Do you think the GFC is over for Australia? Let us know your thoughts in the comments.
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