Poll shows home buying delayed
A POLL released by mortgage provider Homeloans Ltd shows almost half of Australian home buyers will delay buying a property this year due to rising interest rates and the cost of living.
One in three of those will put all major household spending, such as a new car, holiday or consumer goods, on hold for 2011.
The Homeloans Home Buyer Barometer Q1 2011– which surveyed 2000 Australian first home buyers, homeowners and investors – said that of those who would delay buying a property, only six per cent were planning to do so within the next six months and 74 per cent have reconsidered how much they are able to spend.
Homeloans chief executive and chairman Tim Holmes said research showed Australians were taking a cautious approach to purchasing property in 2011.
“There are now so many variables which have a profound effect on the Australian economy and consumer confidence, such as the recent floods and the just-announced flood levy tax.
These obviously create some uncertainty,” Mr Holmes said.
Of those surveyed, 52 per cent planned to save for a larger deposit.