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While a new survey suggests one in five Australians are planning to buy a property, there are just as many who believe the property market is too unaffordable.
The survey of 1,000 people, released by Aussie Home Loans yesterday, found that 11 per cent of respondents planned to buy a home and 8.4 per cent planned to buy an investment property.
However, the survey also revealed that 21.1 per cent of respondents think the housing market recovery has been slow and prices are unaffordable, 18.5 per cent think there is a lack of established homes for first home buyers and 14.8 per cent are worried about meeting their mortgage repayments.
In addition, the survey found that people were anxious about the economy, with 73 per cent concerned about daily living costs and 66 per cent concerned about increased energy costs.
Aussie chief executive Ian Corfield said it was still difficult for some Australians to get into established homes, despite a recovery in the housing market.
“There seems to be enough confidence in the economy for at least 20 per cent of respondents to consider a house purchase, and with the low interest rates likely to stick around for some time yet, those planning to purchase property or refinance to renovate have picked the right time,” he said.
“Rental yields in many capital cities and regional locations are certainly covering the mortgage repayments.
“For those less confident, it is really a time to pay down other debt while rates are low and the market is recovering.”
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