More Australians gearing up to enter property market

According to a poll by Yellow Brick Road, 40 per cent of participants said their financial New Year’s resolution is to save for a first home or investment property.

“In this current environment, you might expect to see property taking a back seat to financial aspirations such as saving and budgeting or consolidating debts however the Australian dream of owning property and the security that comes with it is still dominant,” Yellow Brick Road spokesperson Lyndsey Douglas said.

Ms Douglas said the predicted cooling in previous property market hot spots will present both advantages and challenges to those looking to buy this year.

“The upside is that it might ease some of the affordability pressures faced by first home buyers as competition from other buyers declines,” she said.

“The challenge though is increased rates and tougher calls by lenders who are having to turn more prospective borrowers down based on their ability to service their mortgage.”

Meanwhile, the Yellow Brick Road research also found that 25 per cent of respondents have a New Year’s resolution to decrease debts, while 15 per cent want to budget.

Fifteen per cent said they are aiming to travel, seven per cent want to get their superannuation sorted and two per cent said they simply want to enjoy their disposable income.

[Related: Property group sees 'unprecedented' foreign investment in 2015]