Interest in home ownership rising

By BN | Tuesday, 8 September 2009

One in six Australians will consider buying a house in the next 12 months according to a national survey conducted by Homeloans Ltd.

Its online and telephone poll revealed that nearly 17% of Australians would consider buying a house compared to just 7% of respondents who had purchased in the previous year.

Homeloans national marketing manager Will Keall described the results as "very encouraging signs for the mortgage and property markets".

"Many have anticipated a decline in market appetite to buy property following the reduction of the Government's first home buyer's grant, which takes effect on 1 October," Keall said.

"However, the first home buyer market represents 52% of those looking to buy in the next 12 months, many of whom have been consciously saving for a deposit over recent months," he added.

Further signs of growing confidence, he said, was the fact that one in five of those in the market are seeking to acquire an investment property.

"It appears that low interest rates are continuing to entice people to consider entering or increasing their stake in the property market, despite widespread predictions that they are on the way back up," Keall said.

"The survey sends a strong signal about the sentiment of the market."