Australians continue to become more optimistic about the economy’s future, with around 6 out of 10 people believing the economy will remain strong and stable in the next 12 months.
Any uncertainty in regards to the Australian Property Market is only short term as identified in CUA’s Borrowing and Investment Survey which was conducted by Auspoll. 52% of those intending to take out a loan over the next 12 months indicated that they intend to purchase a residential or investment property. These findings confirm the idea that the property market is starting to become a more attractive alternative to other investment options.
There is recent economic data to support this optimism in the Australian property market:
- Despite the unpredictability of building approvals for September, the latest housing finance figures identify an increase, over the previous six months, in the value of all approved dwellings financed.
- Australia has a much lower unemployment rate (5.2%) while countries such as the US (9.1%) and the UK (8%) are experiencing much higher levels of unemployment.
- The number of consumers who have recently purchased an investment property and those who plan to do so has been increasing continuously since 2009 from 5% to 9%.
What are you thoughts? Where do you think Australia is heading in 2013?