Despite a dramatic increase in property prices across the country, the Australian home ownership dream appears to have remained strong with market sentiment climbing to 71 points, reaching an unprecedented high in the second quarter of 2021.
While escalating property prices are a dream for homeowners, for those looking to break into the market they can be intimidating. Nevertheless, this hasn’t deterred prospective buyers from aspiring towards the Australian dream of homeownership, and many buyers continue to believe they are ‘in the game’ when it comes to the property market.
The NAB Quarterly Australian Residential Property Survey recorded an unprecedented high, with the Index climbing to 71 points for the second quarter of 2021.
Interestingly, the survey also indicated that low interest rates, which have been at a record low of 0.10% since November 2020, as well as a strong labour market, are two key factors behind the surging property sentiment.
Taking advantage of these auspicious conditions are a staggering 3 million Australians, who intend to enter the property market in the next 6 months. Interestingly, another 5 million Australians would like to enter the market if they could afford it.
While many buyers express their concern of being priced out, there are many ways to enter the market. Many prospective buyers stress that being financially prepared is key to getting a foot in the door and Government schemes like the First Home Buyers Grant can be a good way for buyers to enter the market.
Call Interlease today to find a property finance solution tailored to your needs.