Australians have been advised on a series of steps they can take to ‘act fast’ when they find their dream home as an index by one of the Big Four banks hits a 12-month high.Â
NAB‘s Residential Property Index – which measures sentiment among agents, developers, investors and industry insiders  – has jumped to +44.
The latest figure, released this week, is the most positive level in 12 months, driven by recent rate cuts and growing expectations of further easing.Â
Confidence is now positive across the country, including in the ACT, which had remained subdued since late 2022, NAB said.
But national house prices have also risen six months in a row which puts values around three per cent higher since the start of the year, the bank said.
NAB executive for home lending, Denton Pugh, said now could be a prime opportunity for people to get ready so they can ‘act fast’ when buying a property.
It comes as first home buyers’ share of new housing increased by 40 per cent – the highest share since December 2022.Â
Mr Pugh said there are three steps to help buyers secure their dream home.
Australians looking to secure their dream home have been advised to ‘act fast’ as an index by one of the Big Four banks hits a 12-month high (pictured, an auction in Sydney)
NAB executive for home lending, Denton Pugh, said now could be a prime opportunity to buy a property, with Aussies urged to ‘act fast’
‘The first step is to “know your strategy”, whether that is buying somewhere you can afford or renting where you want to live,’ he told the Courier Mail.Â
‘Buying to live may prioritise lifestyle factors, whereas an investment property means focusing on rental yield and growth potential.’
The next step is for buyers to ensure they have secured home loan pre-approval, when the bank agrees in principle to lend a certain amount.
His third and final step is for Australians to make an offer but stick to their limit.
Mr Pugh said buyers should keep a cool head and avoid paying above market value, which could create problems if the bank’s valuation of the property comes in lower.Â
But not every industry expert is so positive, with real estate agent Corey Adamson warning the low number of homes hitting the market was ‘unbelievable’.
Among the hardest-hit cities is Perth, where the housing market has reached a historic crisis point, with property listings crashing to their lowest level ever – just 1,700 houses are currently for sale across the entire city.
New listings were lower in all capital cities relative to the prior year, led by Hobart (-13.5 per cent), Perth (-11.2 per cent), Brisbane (-10.6 per cent), Darwin (-9.9 per cent), Melbourne (-9.4 per cent), Sydney (-5.3 per cent), and Adelaide (-4.1 per cent).
The bank’s Residential Property Index – which records the sentiment from agents, developers, investors and industry insiders – has jumped to +44 in the latest recording this week
Canberra fared the best of the bunch with new listings down just 0.4 per cent.
 Mr Adamson warned the lack of supply will continue to push house prices higher and revealed it has prompted real estate agents to leave the industry entirely.Â
‘The lowest number of properties on the market of all time,’ he said.Â
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NAB executive issues stark warning to home buyers amid shock surge