Australians eye property purchases in 2013

Australians appear more confident about dipping their toe into the property market this year, according to a recent survey conducted by realestate.com.au.

According to the listing website’s New Years’ Resolution Survey, almost 60 per cent of respondents said they are looking to purchase a residential property in 2013, while nearly a third of respondents (28 per cent) are planning to sell their property and upgrade to something bigger.

“Property is still an important priority for Australians,” said general manager sales and operations at realestate.com.au, Arthur Charlaftis.

“The results of our survey show that 62 per cent of 18-24 year-old respondents plan to save the deposit for their first home and enter the property market for the first time this year”.

The survey, which was conducted in December last year, was based on 4,478 responses. Its findings are at odds however with recent data from NSW and Qld, which show first time buyer numbers have declined sharply in both states. The Real Estate Institute of Australia (REIA) attributed this fall to changes in first time buyer grants.

The realestate.com.au survey also revealed that people feel secure in their jobs (75 per cent), and that high priorities for 2013 include putting more money on the mortgage and building personal savings.

Mr Charlaftis said that the results suggest that visitors to realestate.com.au are confident about the property market, yet remain money conscious, with increasing savings and decreasing mortgage debt at the top of minds.

“Nearly half of respondents (48 per cent) aged 65-plus are planning to sell their home in order to move to a smaller property,” he said. “There is definitely a growing sense of confidence about the 2013 property market.”

Lower prices may also be a reason behind Australians' appetite for property, although recent statistics from RP Data suggest that price falls are beginning to ease in a number of markets.

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