Conditions are more favourable for up-sizers
Home seekers feel a renewed sense of hope that they will bag their dream home this spring, a recent survey has found.
Westpac’s latest Housing Sentiment Survey showed that consumers have new reasons to be optimistic about property markets. The survey revealed that over half of its respondents believe that spring will be a good time to enter the market. Homeowners planning to move into a larger home feel particularly optimistic, with almost 75% of survey participants believing it is “a good time to purchase their next home.”
At a national level, there was a 125% rise in the proportion of homeowners who feel current conditions are more favourable for up-sizers compared to last year.
Based on the survey, most Sydneysiders believe they have an opportunity to capitalise on lower prices before the market booms again. While many are motivated to enter the property market due to lower interest rates, others have finally decided to make a move after avoiding the market during the recent downturn.
The renewed confidence is coming from several sources, Westpac general manager home ownership Will Ranken told Hotspotting.com.au.
“Easing house prices in major cities like Sydney and record low interest rates have created a positive market for buyers,” Ranken said.
“There are also new incentives and discounts available for buyers, which coupled with the low interest rate environment, make it an attractive time to think about purchasing a new home.”
