51 per cent of those surveyed believed this was a good time to buy, while 40 per cent believed the federal Government was doing enough to support home ownership. This was a 14 per cent increase on the previous survey in April 2008.
The lower end of the property market is doing well, as first homebyers snap up bargains, but at the top end of the market prices reductions are increasing.
While it will differ across the capital cities, generally vendors in the upper end will have to meet the market if they want to sell, and agents expect last year's tough environment to continue in the first part of 2009.
Because of cost factors, it is likely that many will choose to buy apartments rather than freestanding houses. But as rents continue to increase and interest rates for mortgages come down, it is becoming more attractive to buy than rent, assuming that you have a deposit and qualify for a home loan.
Already the property market is seeing an increase in the number of first homebuyers taking the plunge. Between October and November the number of new houses purchased by first homebuyers increased while the number of homes purchased by non first homebuyers fell and Australian Bureau of Statistic figures show that first homebuyers represented 23.6 per cent of the housing market in November, up from 19.5 per cent in October.