The current economic conditions in the country are extremely conducive to Australian property investment, according to a new report from The Commonwealth Bank-Mortgage and Finance Association of Australia (MFAA).
Its home finance index found that 75.8 per cent of consumers feel prices will remain stable or expand further before the end of 2012, with Reserve Bank of Australia rate cuts ensuring that confidence in the property market remains high.
Furthermore, 63 per cent of first home buyers believe this is a good time to get on to the ladder thanks to low interest rates making mortgage repayments easier, reports the Daily Telegraph.
MFAA chief executive Phil Naylor said: "The property market is all about confidence and the survey confirms good times are ahead, especially as interest rates continue to fall."
Master Builders Australia chief executive Wilhelm Harnisch has called for further rate cuts to ensure the market continues to improve.
Posted by Steve Douglas