Finder’s Consumer Sentiment Tracker, a nationally representative Finder survey of 20,353 respondents, has revealed 67 per cent of Australians think now is a good time to buy property – up from 42 per cent in April 2020.
This figure is an all-time high since Finder began tracking the stat in May 2019.
The survey also found that those expecting house prices in their area to significantly increase in value is also at an all-time high of 19 per cent – up from just 5 per cent in September 2020.
Those who expect property values to “somewhat increase” has jumped to 44 per cent from a low of 18 per cent back in April.
Graham Cooke, insights manager at Finder, said the recent uptick in buyer confidence is a good sign for the economy.
“This rebound in buyer confidence is indicative of increased economic activity over the past few months, along with an optimistic outlook for 2021,” Mr Cooke said.
“Not only did the Australian government do a better job than most at restricting the spread of COVID-19, but federal and state economic support measures helped prop up the property market.
“Now we’re seeing that house values in every capital city bar Melbourne are higher than they were compared the same time last year.
“This trajectory looks set to continue, with 86 per cent of economists telling Finder that they expect prices to fully recover nationally this year,” Mr Cooke continued.
According to CoreLogic data from December 2020, house values in Sydney are up 3.95 per cent year on year, with Brisbane values also up by 4.57 per cent during the same time period.
Mr Cooke said prospective buyers should consider the pros and cons before taking the plunge in the current market and shop around before signing up for a home loan.
“Low interest rates and government assistance packages like the first home loan deposit scheme put buyers in a strong position. The potential removal of stamp duty in NSW will be another boon for buyers and may spread to other states,” he explained.
*Finder RBA Cash Rate Survey, December 2020
| Capital city | % change month on month | % change year on year | % of residents who believe now is a good time to buy property (by state)* |
|---|---|---|---|
| Sydney | 1.05% | 3.96% | 59% |
| Melbourne | 1.15% | -1.98% | 70% |
| Brisbane | 1.20% | 4.57% | 69% |
| Adelaide | 1.19% | 5.93% | 77% |
| Perth | 1.05% | 1.98% | 67% |
| Darwin | 2.35% | 11.91% | N/A** |
| Canberra | 0.67% | 8.52% | N/A** |
| Hobart | 0.93% | 7.65% | N/A** |
**Some state data omitted due to small sample size
Source: Finder, CoreLogic
