Successive monthly surges in residential prices, high auction clearance rates and a rise in approvals for home loans suggest that the property market is in recovery mode. Data house CoreLogic said that in September, the national home value index reported its third month of growth, up 0.9 percent across all capital cities. Sydney has risen a combined 3.3 percent and in August and September, Melbourne has risen 3.2 percent.
Consumer comparison website finder.com.au has been monitoring property sentiment for the past six months and has found that since May has raised the percentage of Australians who think it’s now the opportunity to buy.
Results from their survey show that 59 percent of those surveyed believe that now is the time to buy, up from 54 percent in May, and 52 percent believe that property investment in their area will increase somewhat or substantially over the next 12 months. In Sydney, 53% of those surveyed expected prices to rise in the next year, while 61% in Melbourne also believed values would rise.
“More and more Aussies are feeling confident about the property market, we’ve found. When we ask whether now is a good time to buy, 59 percent currently believe that it is, which is up from 54 percent in May. And 52 percent think property in their area will increase somewhat or significantly in the next 12 months.” money expert Bessie Hassan told news.com.au.
“The latest economic data is enough to put the breaks on the RBA’s cutting spree for now. September labour force figures would have been welcome news to RBA Board members. ABS data revealed that the unemployment rate declined in September and even though it is far off the Bank’s target, the latest figures provide some breathing room for policymakers. That being said, the Consumer Price Index undershot the RBA’s target range, growing 0.5% over the September quarter, lifting the annual rate to 1.7%, which builds the case for further monetary policy stimulus in the short term.” says Susan Mitchell, CEO of Mortgage Choice.