Login
ISCOVER
Almost two thirds of Australians believe the housing market is set for a “significant correction”.
According to a new survey on consumer housing sentiment, 66 per cent of respondents think Australia’s housing market is “vulnerable to a significant correction in values”.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
The report by RP Data and Nine Rewards surveyed 1,030 people in March.
It found that 68 per cent of people believe now is a good time to buy a property, compared with 80 per cent the year before.
Sydney is seen as the country’s most overheated market, with only 49 per cent of respondents thinking now is a good time to buy in Australia’s largest city.
Next comes the ACT at 57 per cent, Melbourne on 69 per cent, Brisbane on 73 per cent, Perth on 74 per cent, Adelaide on 77 per cent, Northern Territory on 80 per cent and Tasmania on 90 per cent.
RP Data and Nine Rewards said respondents from weaker housing markets were generally more positive about the market.
“In contrast, in regions where housing markets have shown strong capital gains over the past year or so, respondents are indicating a lower level of optimism about purchasing a home,” they said.
The survey also found that 51 per cent of respondents expect home values to rise in the next six months, 43 per cent expect values to remain stable and 6 per cent expect values to fall.
