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More than twice as many Australians are looking to buy in the next 12 months compared with the number that bought in the last year, spelling good business opportunities for brokers.
According to QBE LMI’s 2013 Mortgage Barometer report, more than 50 per cent of Australians believe now is a good time to buy.
In addition, 69 per cent of respondents said they intend to purchase property over the coming five years - an eight per cent increase on last year.
“The perception that now is a good time to buy continues to exist,” lenders mortgage insurance company QBE LMI’s chief executive officer Jenny Boddington said at a media briefing in Sydney earlier this week.
“In fact, it is even clearer in 2013, with one in three thinking it’s best to buy in the next six months, and 52 per cent believe the next 12 months is best.
“This sentiment is in line with almost half of respondents' thinking that property prices will increase strongly in the next three years, and more than a third believing prices will be at least 10 per cent higher in 2013.”
Low interest rates have provided some relief to mortgagors, with almost half saying they were able to get ahead in their mortgage repayments last year.
Low interest rates have also had a positive impact on those looking to enter the market, with one in three saying they are encouraged to buy sooner.
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