![\"\"](\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/wp-content\/uploads\/sites\/2\/2021\/10\/Red23Table1-MedianL_15885.png\")
<\/p>\nThere has been rebound in confidence in the housing market during September according to Westpac \u2013 Melbourne’s Institute Index of Consumer Sentiment September report.<\/p>\n
It shows that the ‘time to buy a dwelling’ index lifted 8.8 per cent which has recovered all of the decline that was seen in August.<\/p>\n
However, the Index is still 26.8 per cent below its November 2020 peak and similar to the lows witnessed in previous cycles since the Global Financial Crisis.<\/p>\n
Red23, which is a specialist sales and marketing partner for land developments across Victoria, said that as prices continue to increase in the established and new homes market, affordability has again become an issue.<\/p>\n
Red23 managing director Terry Portelli said affordability is leaving first home buyers with little choice in the market.<\/p>\n
“We have seen a decrease in activity from them due to the increase in investors and their appetite to price first home buyers out of the market,” Mr Portelli explained.<\/p>\n
“Future lending restrictions to investors is likely to occur in the near future which will equate to a pricing correction in the market as seen in mid-2019.<\/p>\n
“Presently, we are experiencing an increase in investors as they are encouraged by rising prices and the prospect of capital gains, while owner occupiers are responding to deteriorating affordability.”<\/p>\n
<\/p>\n
Increasing interest in the regions has been boosted by the deteriorating affordability in the middle ring areas that is seeing many families move further out to greenfield and regional areas.<\/p>\n
For some, it’s either this or or accept living in a smaller townhouse or apartment.<\/p>\n
For the moment, detached houses are preferred over medium density living due to the pandemic, however, this trend may soon come to an end.<\/p>\n