Positive real estate sentiment reaches pre-pandemic high
The optimistic home buying sentiment has reached a pre-pandemic high in Australia with a record 67% of Australians, up from 42% in April 2020, believing that now it is a good time to buy a house and further 19% expecting a significant increase in house prices in their area.
According to a survey by comparison site Finder of 20,353 respondents, the proportion of those who expected property values to "somewhat increase" jumped to 44% from a low of 18% back in April.
“This rebound in buyer confidence is indicative of increased economic activity over the past few months, along with an optimistic outlook for 2021,” Graham Cooke, insights manager at Finder, 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.”
He said that this trajectory was expected to continue, with 86% of economists telling Finder that they would expect prices to fully recover nationally this year.
However, Cooke also said that prospective buyers should consider the pros and cons before taking the plunge in the current market.
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