 Investors play the waiting game
According to a new survey, many investors wanting to buy property are waiting until the first home buyer surge calms down.
A survey by Mortgage Choice has revealed almost two-thirds of people wanting to buy an investment property in WA were delaying upcoming investment purchases until next year in a bid to compete in a market with fewer buyers. As the boost to the first home buyer grant is reduced at the end of the year, investors will swoop as the first home buyer market wanes.
“We have been hearing from a number of corners that property investors are all set and ready to go once the boost has had its day,” Mortgage Choice senior corporate affairs manager Kristy Sheppard said.
“A large number are calling our loan consultants to see how much money they can borrow from the various lenders on our panel and getting their finances in order, all in preparation for hitting the ground running to purchase in 2010 and 2011.”
The 2009 Property Investors Survey’s findings were backed by Real Estate Industry of WA president Rob Druitt.
Mr Druitt said investors were cautiously waiting and said the main reason was because of the excessive interets in properties at the lower to middle market - the key market for first home buyers. buyers.
The survey also revealed WA respondents were the ‘least confident’ in its housing market compared to the rest of Australia.
Queensland respondents were the most supportive at 40 per cent, Victoria was next on 37 per cent, followed by South Australia at 36 per cent, NSW at 35 per cent and WA trailing the country with 34 per cent.
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