- Just over a third of Aussies believe now is a good time to purchase property
- While interest rates are some incentive, prices are also elevated
- More Australians are feeling negative about their ability to buy a house
As house prices continue on their upwards trajectory, consumers sentiment has hit a new low.
Findings released today from Finder‘s Property Positivity Index, show that this month just 35% of Australians believe now is a good time to purchase a property.
This figure is the lowest on record and down from 40% in September.
It is a continuation of its downward trend since its peak of 67% in December 2020.
Graham Cooke, head of consumer research at Finder, said the price growth of property seemed unstoppable.
“Extended lockdowns and border closures have done little to curb price growth this year,” he said.
SQM data shows a consistent upward trend of prices since the onset of the pandemic.
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“Rock-bottom interest rates and the property boom instilled a fear of missing out among prospective home buyers.
“As we emerge from those lockdowns, a record number of Australians are pessimistic that now is the time to buy,”
Graham Cooke, head of consumer research at Finder
Dale Gillham of Wealth Within, a trading education company, believes that while some times are better than others, it is always a good time to buy property.
“Low interest rates make the ROI in borrowing to get into property very attractive right now.”
Shane Oliver of AMP Capital on the other hand does not consider it a good time to buy.
“A year ago when prices were still down was a good time to buy, but since then affordability has deteriorated.”
The number of Australians who feel extremely negative about their ability to afford a home in the future has seen an understandable spike.
According to Finder it reached a high of 22% in June and has since remained consistently above 19%.
