Confidence has returned to the property market, according to research in the latest ME Quarterly Property Sentiment Report.
A national poll of 1000 investors, owner-occupiers and first home buyers at the start of October found that confidence has improved over the past three months, fuelled by price growth across major markets and signs that banks were lending again.
Almost half (42%) of Australians were feeling more enthusiastic about the property market – up by 9% compared to the previous quarter.
The findings are consistent with new data from the ABS which reveals that home loan demand rose for the third month in a row; there were increases in the number of home loans to owner-occupiers in each of July, August, and September. According to the ABS, the number of home loans approved in September reflected an increase of 3.6% on the previous month.
While sentiment has improved across every age group, property status and buying intention, investors, and Millennials and those who plan to buy in the next 12 months were the most optimistic.