Why a wave of new investors could hit the property market soon
One major bank has found a spike in confidence of a fresh group of property buyers in Australia.
According to new research from the Commonwealth Bank of Australia, over 90 per cent of borrowers believe buying a property is more in reach than ever for first home buyers.
This represents a big jump on last year’s findings, which was about one-fifth lower.
Interestingly, 28 per cent of Australians under the age of 30 are expecting to buy an investment property within the next two years.
In addition, Australians under the age of 30 are feeling more bullish. In fact, 89 per cent of that population believe home ownership is within reach. This is up a massive 74 per cent on the previous survey.
CBA also found that more young Australians believe home ownership is the “Great Australian Dream” – about 75 per cent of those under the age of 30 believe that sentiment, compared to 69 per cent of those over the age of 30.
Market conditions
This research comes as the nation’s leading economists and research houses start to see the light at the end of the tunnel in this downward price cycle.
In fact, this week, ANZ revised its predictions for the Australian property market, now believing the market will “bottom out” in the coming months, before returning to positive territory later this year.
You can read more about when property prices will start to pick up here.