Buyers Want to Purchase Before Prices Rise

24 Sep 2012 - Staff Reporter from http://www.rebonline.com.au/

Almost three quarters of homebuyers think now is a good time to buy, according to a recent survey.

The Domain 2012 Spring Homebuyers Survey also found that 40 per cent of surveyed homebuyers are somewhat concerned about the state of the economy, with cost of living and property prices a particular worry.

However, 67 per cent believe they can get a property at a better price now than they could have done six months ago, and nearly 59 per cent stated they are entering the market now before prices rise further.

When looking at properties, 42 per cent said they would refuse to compromise on the suburb in which they want to live; 32 per cent would not compromise on the number of bedrooms; and 16 per cent would not compromise on outdoor spaces.

One third of homebuyers have said their budget can go further than they thought since commencing their property search, while 40 per cent are still planning on making a deposit of more than 20 per cent on their property.

“Interestingly, despite some concerns about the economy, cost of living and property prices in general, homebuyers appear to be well prepared to enter the market, with some having saved for more than five years,” said Domain’s national property expert, Carolyn Boyd.

“A significant number are also planning to make a deposit on their property of more than 20 per cent, showing that perhaps the days of 100 per cent mortgages are on the decrease,” said Ms Boyd.

“Though some buyers have said that they can get a property at a better price now than six months ago, they should still do their research, attend as many open homes as possible and be cautious about spending outside their budget.”