The Index looks closely at when consumers feel confident about buying a dwelling, and that number has improved significantly across 2012, with the national index is now showing the highest reading since September 2009.
RP Data analyst Tim Lawless says this it’s a clear indicator we’re getting more confident about the property market and are optimistic about the new year.
The Commonwealth Bank-Mortgage and Finance Association of Australia (MFAA) home finance index, released in late October, found 75.8% of people believed house prices would grow or remain stable for the remainder of 2012, further signalling a confidence boost to round out the year.
Though 84% of survey respondents admitted upward pressure on living expenses was a challenge to their property goals, 27% said they expected their financial position would improve in the near term, and most states and territories forecast slow but stready improvement ahead. Gen Y was feeling upbeat about the long term.
As we finish up 2012, RP Data Rismark has revealed its last batch of property headlines.
Best performing capital city: Darwin +3.1%
Weakest performing capital city: Hobart, -4.5%
Highest rental yields: Darwin houses with gross rental yield of 5.9% andDarwin Units at 6.2%
Lowest rental yields: Melbourne houses with gross rental yields of 3.7% and Melbourne units at 4.4%
Most expensive city: Sydney with a median dwelling price of $555,000
Most affordable city: Hobart with a median dwelling price of $305,875