More than 40 per cent of Australians believe 2012 is the best time to purchase a residential property.
According to QBE LMI’s latest mortgage report lmiBAROMETER, more than 60 per cent of Australians intend to buy property in the next three to five years.
QBE LMI chief executive Jenny Boddington said these survey results prove there is still a good appetite for residential property, despite global uncertainty.
“Despite the ongoing global uncertainty and lower sentiment among borrowers, our lmiBAROMETER confirms that Australians intend to continue purchasing properties and 55 per cent believe it is important to get into the market now, rather than later,” she said.
Ms Boddington said the rate cuts at the end of last year have helped promote residential property and encourage first home buyers to jump into the market as quickly as possible.
“The first home buyers segment, who are typically younger, expect an average deposit of 12.2 per cent of the property purchase price and 39 per cent agree it is more important to get into the market now than wait and save for a bigger deposit,” she said.