More than one third of Australians plan to buy a property in the next two years despite concerns over higher living costs and rising interest rates, a survey shows.
The Mortgage Choice Consumer Sentiment Survey of 1,025 Australians found that 41 percent of respondents plan to buy property in the next two years, and 40 percent plan to revisit their financial plans as the nation emerges from the global financial crisis.
Mortgage Choice corporate affairs manager Kristy Sheppard said more borrowers were now taking “ownership” over their financial situation.
“Since the global financial crisis hit home, more borrowers are taking ownership over their financial situation and although many see rates as concerning… many borrowers can comfortably repay their home sooner, if they put their mind and budget to it,” she said.
The survey also found that almost three quarters of respondents were confident the Australian economy would be strong during 2010.
The results of the survey are in contrast to comments made earlier on in the week by the deputy governor of the Reserve Bank, that there has been a notable decline in the number of first home owners under the age of 35 over the past 10 to 15 years.
Young people not buying houses: RBA