Homebuyers keen to enter the market: report

Homebuyers keen to enter the market: report

Posted on Thursday, April 19 2012 at 3:53 PM

A report on the willingness of Australians to buy property has found 40 per cent of respondents intend to get into the market this year, while 61 per cent are keen to buy in the next five years.

QBE Lenders’ Mortgage Insurance (QBE LMI)
released its annual mortgage report, LMI Barometer, which surveyed 1161 people from
across the country.

It found a healthy intent to buy property
in the near future, despite prevailing soft conditions in many markets.

More than half of respondents believe
property prices will remain steady and increase in the coming three years.

QBE LMI chief executive Jenny Boddington
said there was a “clear appetite” for property in the short to medium term.

“Despite the ongoing global uncertainty and
lower sentiment amongst borrowers, our LMI Barometer confirms that Australians intend to
continue purchasing properties and 55 per cent believe it’s important to get
into the market now,” she said.

Almost 40 per cent of Generation Y
respondents said they were also eager to get into the market sooner rather than

Recent cuts in the Reserve Bank’s official
cash rate haven’t affected the majority of respondents’ intentions, but they
have encouraged young buyers to move more quickly.

The cuts were seen as an opportunity to get
into the market as soon as possible by 21 per cent of respondents who are first

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