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How confident are homebuyers?

By Kevin Kelly

Typically, a homebuyer looking around for a new place to perch for the next few years will take a lot of confidence from the market conditions and other buyers around them.

In recent times, the state of the property market around the country has been strong. In fact, it has been so strong that median house prices have rocketed skyward – in Sydney, for example, where that figure is over the $1million mark, as reported by CoreLogic RP Data.

As a potential seller of real estate in Bunbury East, this information will come as great news.

Taking a look at the data

The Genworth National Homebuyer Confidence Index (HCI) zeroes in on consumer sentiment around the property market in Australia. The most recent release of this report (on 31 March 2016) finds confidence to be down slightly on the previous figure, although still strong.

Three consecutive increases in the HCI since March 2014 were brought to a halt with this finding, however that's not all bad news. The Index fell from 99.6 points to 98.2, but Genworth suggests it was an increase in mortgage stress by 11 per cent that caused the drop.

"The proportion of those who believe it is a good time to buy a home has fallen to 42 per cent, from 48 per cent six months ago," said Genworth chief commercial officer Bridget Sakr.

What does this mean for your buying dreams?

For a start, it'll mean there may not be so many buyers holding out for that property you've had your eye on for so long that's only just come on the market. This will be welcome information, as the final sale price you negotiate with the real estate agent could be far lower than it would have been, if facing stiff competition.

If you want to take advantage and buy some real estate in Bunbury South, get in touch with Ray White Bunbury today.

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