According to a quarter of Aussies, it’s the right time to enter the property market.
new survey from NAB has found that one in four people believe now is a good time to buy a home with 13 per cent of Aussies looking to make a purchase within the next year.
29 per cent of respondents in Western Australia said it was a good time to buy, the highest level of positivity among the states and territories, followed by 26 per cent for Tasmania.
“Australians remain positive about the property market, with a quarter saying now is a good time to buy a home,” said NAB executive home ownership Andy Kerr.
“This is in line with last quarter, a time when it became clear price growth was slowing.”
As the Reserve Bank faces pressure to raise interest rates, about 28 per cent of respondents said they think now is a good time to take out a mortgage.
On investment properties, 30 per cent of ACT residents said it was a good time to buy, ahead of those in South Australia (26 per cent), Victoria (25 per cent) and NSW (24 per cent).
7 per cent of Aussies said they were planning to sell a home in the next 12 months while 5 per cent planned to sell an investment property.
Last month, NAB predicted that the property market would reach a “turning point” in the second half of this year ahead of a decline of 10 per cent in 2023.
“We currently expect more subdued property price growth in 2022, with gains of around three per cent compared to 21 per cent in 2021,” Mr Kerr said.
“However, the market remains competitive and for many Australians, buying a home can be a daunting experience.”
NAB also found that one in three people believe now is a good time to renovate with 15 per cent of Aussies planning a renovation in the next 12 months.
However, half of those who are currently renovating believe it has become harder to complete in the past three months and 60 per cent said it had become more expensive.
“Regardless of if you’re looking to buy or renovate, it’s important to ensure you can appropriately manage your repayments, both today and in the future,” said Mr Kerr.
“While many will still pursue renovations this year, it’s incredibly important to have a buffer for the unexpected costs that are likely to pop up.”
We can assist you to determine what will work best for you and start planning for the lifestyle you want in retirement. Give us a call at 08 8211 7180 or send us an email at info@centramoney.com.au.
Article courtesy of Nestegg.