QBE – lmiBAROMETER Annual Mortgage Report

If you haven’t had a chance to read it already, the recent QBE (major Lenders Mortgage Insurer) annual Mortgage Report gives a good insight on the current trends and perceptions of the mortgage and property market.

To view the full report click here

The report aims to provide information on circumstances affecting the mortgage and property markets in Australia and provides a disection of each state. The report also reveals the impact of the recent natural disasters on mortgages and property.

Here are a few of the results from the survey and study to produce this report;

74% of respondents say they are intending to purchase property in the next five years with 29% intending to do so by the end of 2011.

38% of respondents think 2011 will be the best time to purchase a residential property and of these, 69% see the ideal time being within the first six months of the year

The survey shows the average property buyer has a deposit of 20.7% (as a proportion of the purchase price) and is intending to borrow an average of $355,573.72, with the average maximum price being $513,504.17 and the average deposit size being $97,257.58.

62% of respondents agree that getting into the property market now is more important than saving a bigger deposit and 58% agree that property prices will increase strongly over the coming three years.

Property investors are least concerned (as compared with other segments of respondents) with being able to split between fixed and variable rates (4.5 out of 10) – an interesting finding given the usually savvy nature of investors. All other segments of respondents placed packaged and fixed rate options along with the ender’s brand as the least important factors.

Candice Turner – Mortgage Consultant