About 600 professionals earning between $70,000 and $250,000 per annum – falling into the ‘mass affluent’ definition - were surveyed by KPMG about their views of the mortgage market and their future intentions.
The results found sidential property is still a sought-after investment – and one a significant number of mass affluent Australians plan to make in the next two years.
Sixty-three per cent of professionals currently without a home loan plan to apply and buy within the next two years, according to the survey.
Further, 45 per cent of respondents still want to apply for a home loan at a branch – but prefer digital channels to conduct research on home loans and for servicing once their home loan has been drawn down.
“We believe this reflects a generally held belief that residential asset prices will continue to rise in the long run despite current high prices and issues around affordability,” said Geoff Rush, KPMG Financial Services Partner.
This is in spite of figures showing that, since 2006, the median house price in Australian capital cities has more than doubled from $286,000 to almost $700,000.
There are similar parallels for units and apartments, where median prices across capital cities has grown by 40 per cent in the last ten years