ID :
39296
Wed, 01/07/2009 - 16:10
Auther :
Shortlink :
http://m.oananews.org//node/39296
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Affluent homeowners downbeat on prices
Most affluent Australian homeowners think the value of their homes and investment
properties will fall in the March quarter.
The online survey found that 60 per cent of households with an annual income between
$100,000 and $200,000 thought property values will decline - an all time high since
the first survey of June 2006.
The survey was commissioned by the Mortgage and Finance Association of Australia and
BankWest and conducted by Brand Management
Sixty per cent, or 470 respondents, of the 773 so-called mass affluent respondents
surveyed last November in a regular bi-annual survey, held an investment or
residential property loan.
Banks typically define mass affluent customers as those with an income range of
between $100,000 and $200,000 and investable assets - including superannuation,
property and savings - worth over $500,000, according to Brand Management, who
conducted the survey.
Of the respondents who own homes, twenty-four per cent thought their home value had
dropped since November 2007, with sentiment lowest among Perth-based respondents,
half of whom thought their house had lost value.
The grass roots pessimism came as the number of new home sales fell by 1.1 per cent
in November after a 3.1 per cent rise the month before, according to the Housing
Industry Association's (HIA) survey for November released on Wednesday.
A slowing economy and tougher access to credit led investors to postpone purchases
of homes in the second half of 2008, HIA chief executive Chris Lamont said.
The HIA's report was compiled from a sample of the largest 100 residential builders.
First home buyers surveyed by Brand Management are cautiously optimistic in their
approach to house-hunting, BankWest's head of mortgages and savings, Paul Vivian
said.
BankWest is now a subsidiary of Commonwealth Bank of Australia.
Of the 303 respondents who were not property owners, 119 or 39.2 per cent intended
to buy a property over the next 12 months.
"Forty-seven per cent of those who intended to buy their first property in the next
year have put their purchase on hold because of the current economic situation," Mr
Vivian said.
Over 75 per cent of affluent households were easily meeting their mortgage repayments.
Of the survey respondents, 55 per cent were aged between 30 and 50 years, 70 per
cent were employed full time, and 70 per cent lived in a capital city.
properties will fall in the March quarter.
The online survey found that 60 per cent of households with an annual income between
$100,000 and $200,000 thought property values will decline - an all time high since
the first survey of June 2006.
The survey was commissioned by the Mortgage and Finance Association of Australia and
BankWest and conducted by Brand Management
Sixty per cent, or 470 respondents, of the 773 so-called mass affluent respondents
surveyed last November in a regular bi-annual survey, held an investment or
residential property loan.
Banks typically define mass affluent customers as those with an income range of
between $100,000 and $200,000 and investable assets - including superannuation,
property and savings - worth over $500,000, according to Brand Management, who
conducted the survey.
Of the respondents who own homes, twenty-four per cent thought their home value had
dropped since November 2007, with sentiment lowest among Perth-based respondents,
half of whom thought their house had lost value.
The grass roots pessimism came as the number of new home sales fell by 1.1 per cent
in November after a 3.1 per cent rise the month before, according to the Housing
Industry Association's (HIA) survey for November released on Wednesday.
A slowing economy and tougher access to credit led investors to postpone purchases
of homes in the second half of 2008, HIA chief executive Chris Lamont said.
The HIA's report was compiled from a sample of the largest 100 residential builders.
First home buyers surveyed by Brand Management are cautiously optimistic in their
approach to house-hunting, BankWest's head of mortgages and savings, Paul Vivian
said.
BankWest is now a subsidiary of Commonwealth Bank of Australia.
Of the 303 respondents who were not property owners, 119 or 39.2 per cent intended
to buy a property over the next 12 months.
"Forty-seven per cent of those who intended to buy their first property in the next
year have put their purchase on hold because of the current economic situation," Mr
Vivian said.
Over 75 per cent of affluent households were easily meeting their mortgage repayments.
Of the survey respondents, 55 per cent were aged between 30 and 50 years, 70 per
cent were employed full time, and 70 per cent lived in a capital city.
