Interest rates have a substantial effect on the number of first-time buyers in the Australian property market, new figures have shown.
A survey by broker Mortgage Choice has shown that one in six new investors would not buy if these increased by 0.5 per cent.
Living costs and interest rates were the two factors that most concerned potential buyers, but the research found a significant number would be willing to cut back in order to make the purchase.
Those looking to buy Australian property are not all in this position, however, with one in 11 being secure enough to weather even substantial interest rate rises, it found.
The figures were derived from a survey of 1,060 purchasers who were intending to buy their first investment property in Australia during the next two years.
Independent property analyst Michael Matusik recently told the Australian that the country's chronic housing shortage is a myth, with Tasmania, South Australia, Victoria and the Northern Territory currently facing an oversupply.
Posted by Craig Francis
A survey by broker Mortgage Choice has shown that one in six new investors would not buy if these increased by 0.5 per cent.
Living costs and interest rates were the two factors that most concerned potential buyers, but the research found a significant number would be willing to cut back in order to make the purchase.
Those looking to buy Australian property are not all in this position, however, with one in 11 being secure enough to weather even substantial interest rate rises, it found.
The figures were derived from a survey of 1,060 purchasers who were intending to buy their first investment property in Australia during the next two years.
Independent property analyst Michael Matusik recently told the Australian that the country's chronic housing shortage is a myth, with Tasmania, South Australia, Victoria and the Northern Territory currently facing an oversupply.
Posted by Craig Francis
