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Confidence in Housing Market Improves

Thursday, June 06, 2013

A new survey has revealed that 50 per cent of respondents believe house prices will increase in the coming months, while 80 per cent believe it’s a good time to buy.

The latest consumer sentiment survey by RP Data and Nine Rewards, released in May, saw more than 1000 participants answer a range of questions on what they expect from Australia’s property market over the next six to 12 months.

According to RP Data, the survey results reveal a substantial upward shift in consumer expectations for the housing market, but there have been distinctive differences from region to region.

In Perth, for example, 59 per cent of respondents expect house values to rise during the next six months, and 56 per cent of respondents in Sydney expect the same. In contrast, no survey participants in Tasmania expect house values to rise over the next six months.

When asked whether now is a good time to be buying property, 80 per cent of survey participants agreed, compared with 76 per cent of respondents in the October 2012 survey. When asked whether now is a good time to sell, 37 per cent of participants said yes, compared with 29 per cent in October last year.

When asked what are the most important factors when choosing a property, almost half of survey respondents said their personal financial situation is the most important, followed by prospects for capital growth (20 per cent) and interest rates (12 per cent).

RP Data says that as consumer confidence in housing market conditions rises, there are likely to be a larger number of sales as the year progresses. The number of buyers has already risen by about 4.3 per cent compared to the same time last year.

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