Interest rates driving SA property hesitation more than any other state

The falling market is spooking many SA buyers and sellers. South Australians are putting off making major property decisions, with interest rate uncertainty spooking them more than those anywhere else in the country. New research from Westpac reveals more than one in three – or 38 per cent – of South Australians are delaying plans to buy or sell because they are concerned about interest rates. It was a concern playing a greater role in SA than anywhere else in the country. While it was a major concern identified in the latest Westpac Home Ownership Report, housing affordability was the biggest factor impacting their plans to buy or sell (44 per cent). Almost half – or 40 per cent – said it was a bad time to purchase a first home, while just one in six – or 17 per cent – planned to buy within the next year. Meanwhile, nearly a quarter of buyers (24 per cent) said they were adjusting their deposit target to adapt to current market conditions, while others were considering a different property type (21 per cent). Westpac consumer chief executive Carolyn McCann said people right across the country were feeling conflicted about the uncertainty in the current market. Westpac consumer chi...