Prospective homebuyers have become increasingly confident about purchasing a property, but high prices and interest rates are forcing many to make big compromises.
New research shows that the vast majority of prospective buyers feel positive about getting into the market, despite interest rates remaining at a 12-year high and property prices hitting levels never before seen.
Buyer confidence has increased markedly over the past three months, the latest Mortgage Choice Home Loan Report shows, with 83% of prospective buyers now feeling positive about buying a home compared to 70% last quarter.
Although the latest data shows buyers have more homes to choose from, the report revealed they are still making big compromises to get into the market.
Challenging purchasing conditions, including record-high property prices and high interest rates, are causing buyers to adjust expectations.
Three out of five buyers were planning to purchase in a regional area or further out from the city to get into the market, with …