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Majority of Aussies are Planning to Buy a Home in 2016 – survey Reveals

January 22, 2016

A new survey has been done by Westpac-Melbourne Institute Survey of Consumer Sentiment, that shows more Australians are now keen to buy a property in 2016.

As per the survey, it can be analysed that, this time Aussies are thinking to be the right time to plan a purchase as compared to the last year. In January, till the day the Time to buy a dwelling index in the survey rose by 13.9% over January to 113, up from the 99.2 recorded in December. The figures found in Jan – 2016 are higest, since May – 2015, but a slight low from Jan -2016.

Westpac chief economist Bill Evans said, “The January figures should be treated with some caution, but the size of the month-on-month increase does point to the likelihood of a more positive outlook on the housing market. The sharp increase in the Index in January will reflect some seasonality but the move is so large that we can only conclude that this print may be signalling some improving optimism in the housing market”.

He further added, “Most of the improvement in the national Index was driven by a sharp improvement in New South Wales which has regularly posted the weakest readings amongst the states in recent times. For this reason it is best to be cautious but nevertheless encouraged by this result”.

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