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ISCOVER
Staff Reporter
Consumers are optimistic about the future of the property market, new research has revealed.
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According to a new consumer sentiment survey conducted by Nine Rewards and RP Data, 38 per cent of Australians expect housing prices to rise over the coming six months, while 51 per cent of those surveyed expect prices to rise over the coming 12 months.
By comparison, when the survey was conducted in October 2012, it showed that 33 per cent of respondents expected home prices to rise over six months, while 42 per cent expected to see a rise over 12 months.
RP Data national research director Tim Lawless said the latest data show a substantial upward shift in consumer expectations for housing market conditions.
“The results revealed distinctive differences from region to region where, as an example, 60 per cent of respondents in Perth expected prices to rise over the next six months, and a larger 68 per cent expected higher prices over the coming 12 months. In contrast, survey participants in Tasmania delivered a much more sedate reaction, with only 30 per cent of local respondents expecting prices to rise over the next 12 months,” Mr Lawless said.
When asked whether now was a good time to be buying a property or home, 80 per cent of survey participants agreed compared with 76 per cent of respondents in the October 2012 survey.
When participants were asked whether now is a good time to sell, 33 per cent said yes, compared with 29 per cent when the same survey was conducted in October last year.
“As consumer confidence in housing market conditions rises, we are likely to see a larger number of dwelling sales as the year progresses. Transaction data from last year were already showing an improvement in home sales, with 7.6 per cent more homes transacted over the second half of 2012 compared with the first half. If the survey responses are anything to go by, we should see a continuation of this trend through 2013,” Mr Lawless said.
The survey also examined what were the most important factors for consumers when choosing a property. More than half the respondents indicated their personal financial situation was the most important factor, followed by prospects for capital growth in the housing market (20 per cent), then interest rates (12 per cent).
