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Bills, not interest rates a concern: survey

Interest rates are no longer the biggest concern for potential home buyers, a new survey has found.

According to the latest Consumer Sentiment Survey, 27 per cent of respondents indicated that other costs of living including utility bills was their biggest monetary concern heading into 2011.

Interest rates came in second, with 16 per cent of the 1061 respondents indicating that this was an area for concern.

Investors were the most concerned about rates, with 27 per cent ranking it as their biggest concern, compared to 19 per cent of next homebuyers and 8 per cent of first homebuyers.

Despite widespread expectations of interest rate rises throughout the next 12 months, the survey found the concern over utility bills and other living costs outweighed concern about interest rates.

The survey also indicated that 35 per cent of respondents intend to purchase a property within the two years to November 2012, with 36 per cent planning an investment property, 33 per cent their next home and 31 per cent their first home.

This is good news for property owners and investors  as the demand should increase property prices.