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South Australians feeling confident despite rising house prices

15 Aug 2013 Christies Beach 2 Comments

As house prices continue to increase across the country, homebuyer confidence in South Australia remains high, according to mortgage provider Genworth.

In a Thursday (August 1) news release, Genworth announced the results from its independent Homebuyer Confidence Index survey. The survey measures a number of qualitative factors such as homebuyer confidence, comfort with debt and level of mortgage stress across the states, with a focus on first home buyers – the people most likely in need of real estate advice.

South Australia scored the highest in homebuyer confidence, with an index of 100.8 – an increase of 5.2 per cent from March, according to Genworth.

Comparatively, nationwide confidence is ranked as 100.1, up by 7.2 per cent since March.

The trend was revealed alongside recent figures that show increases in property value around Australia.

RP Data and Rismark International released their dwelling values index on Thursday, August 1, which recorded quarterly rises in property value in each state’s capital city – except Adelaide.

Dwelling values in the South Australian capital declined by 3.1 per cent over the last quarter, according to the report.

Perth was the capital with the steepest rise, with an increase of 4.4 per cent.

Genworth’s chief commercial officer, Bridget Sakr, offered some reasons behind the soaring confidence.

“The latest Genworth Homebuyer Confidence Index suggests that homeowners realise that current market conditions – particularly historically low interest rates – make buying property and servicing a mortgage a more attractive proposition than it’s been for a number of years,” she explained.

Despite the high level of confidence, she also stated that the majority of potential first home buyers are still struggling to purchase a home.

“However, affordability remains a challenge for those yet to enter the market, with 70 per cent of non-property owners believing the dream of homeownership to be unrealistic.”

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