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Homebuyer confidence highest since GFC

By Kevin Kelly

What is confidence? For some, it's that extra spring in your step as you walk down the street. For others, it's that luminous, ineffable glow that emanates from a person, allowing them to command a room of strangers and achieve incredible things. For others still, it's the complete freedom to do whatever they wish.

Whatever it happens to be, it seems that Australian buyers have got it. According to the 11th edition of the Genworth Homebuyer Confidence Index (HCI), Australia homebuyer confidence has reached its highest point since the onset of the global financial crisis. This may well mean there will be more buyers than ever on the prowl looking for real estate in Australind and surrounding areas.

The HCI reached a level of 99.6 in September, a jump of 8.8 points since the same time last year. The last time it approached this level was back in 2007, when it sat at 100. This is also the third consecutive increase in the index, suggesting that property buying conditions are on the up and up. 

According to the report, much of the increase was due to a drop in the percentage of respondents who spent half of their income paying back debts. This proportion fell from 29 per cent in March to 23 per cent. Along with this, the amount of homeowners expecting mortgage stress stayed the same at 16 per cent. 

It isn't just home buyers and owners who are feeling good, however. The report also states that investors are viewing current conditions as ripe for action. Over 40 per cent of respondents believe now is a good time to invest, citing low interest rates, predicted value growth and the safety or real estate as an investment. Perhaps the demand for Bunbury property management will see an accompanying bump.

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