Sun shines on Queensland homebuyer confidence

Queensland homebuyer confidence is now three per cent higher than it was in 2008 and almost 60 per cent of homeowners who were affected by the January floods now say they’ve fully recovered, according to the Genworth Homebuyer Confidence Index.

Chief executive officer Ellie Comerford says first homebuyer sentiment continues to be optimistic and 36 per cent of borrowers think now is a good time to buy.

“We’re pleased to see Queensland recorded a 4.2 per cent rebound in overall homebuyer confidence since March, on the back of recovery from natural disasters and improving property prices,” she says.

In other parts of the country, Australians haven’t given up their dream of owning a home. Genworth’s survey revealed homebuyers are opting to cut spending across a wide range of expenses including cutting back on luxury goods and reducing their clothes budget in order to buy a home.

“Despite 40 per cent of recent first homebuyers putting more than half their monthly income towards servicing debt, we found just 15 per cent expect to have difficulties paying their mortgage in the year ahead and in fact 58 per cent project they’ll easily meet repayments,” she says.


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