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Almost half of first time buyers think now is the time to jump on the property ladder with sentiment at its highest since 2007, according to a recent sentiment briefing.
Sentiment is up 2.2 per cent since March 2012, and at the highest level in five years, while those believing it is a good time to buy has increased by 10 per cent since March, according to the September Genworth Homebuyer Confidence Index results released today.
Genworth CEO, Ellie Comerford, said that this index saw homebuyers as far more positive than much of the current commentary surrounding the economy.
“Australia has some compelling economic indicators and a low cash rate that is making many potential homebuyers believe that now is a good time to be considering home ownership.
“However, concerns remain around the global economy and the future impact this might exert on Australia,” said Ms Comerford.
This improving sentiment was said to be the result of the lower interest rates improving perception of financial security.
Victoria reported the largest increase in sentiment, as a result of affordability and lower levels of mortgage stress, while Queensland saw the most first time buyers (54 per cent) believing that the now is a good time to purchase.
The only state not to report an improvement was Tasmania.
Across the board, those experiencing mortgage stress reduced by three per cent, while those expecting to see difficulty in the year ahead rose.
“Despite a slight fall in first homebuyer confidence, this segment of the market remains more optimistic that now is a good time to buy a home.
"What is more heartening is that first homebuyers are increasingly confident they can save the deposit necessary to buy their first home,” said Ms Comerford.