Despite concerns about overinflated Australian house prices the majority of mortgage brokers believe the current property market represents good value to buyers.
According to Real Estate Business' Q3 Sentiment Survey, 72.1 per cent of brokers think now is a good time to buy – up from 55.5 per cent last quarter.
Broker confidence in the property industry remains close to an all-time high, suggesting that any indications of a housing bubble are unsubstantiated.
Oxygen Home Loans senior loan consultant Peter Ellis said that there are always plenty of opportunities in the housing market, provided buyers do their homework first.
“Depending on where a homebuyer chooses to live, there are always going to be good value buys in the property market,” he told Real Estate Business.
“While some areas do not represent good value for money any more, there are always bargains to be found.”
In recent weeks, there has been growing fears among the wider community that Australia is in the throes of a house price bubble.
However, in a recent interview with Real Estate Business, Core Logic group executive George Livermore said unlike the US market, Australia’s issue was more about average Australians being unable to buy into the property market because of a lack of supply.
“Affordability is not the same issue as a housing bubble,” he said.
“I hear talk about a housing bubble but I don’t think Australia is facing one.
“The government needs to address the issue of affordability through further supply,” he said.