Australian-Property Buyers Optimistic on Housing-Market in 2013
Australian-Property Buyers Optimistic on Housing-Market in 2013
The results from a recent survey on the positive aspects of property purchasing were reinforceb by consumer sentiment which surged to its highest level since December 2010 last month. Consumers are becoming more confident and more willing to make high commitment decisions.
Consumers are confident about the Australian housing market, the magnitude with the growth expectations remains reasonably stable. The respondents that thought home values would rise, about 80% of them are expecting values to rise by less than 5% over the next few years.
There were some differences in the responses from regional to city, with residents of the ACT and Perth having the most optimistic expectations for their local housing markets.
About 70% of respondents in these regions expecting home values to rise over the coming 12 months. At the other end of spectrum are Tasmanian’s where only 30% of respondents expect values to rise over the coming year.
Growth expectations for the housing market in Brisbane and Melbourne remain stable, with less than 50% of respondents living in those cities expecting values to rise in the short term.
Respondents to the survey were also asked about where they expected rental rates to go over the next six and twelve months. A larger proportion of consumers are expecting rents to rise over the coming year, with 54% of those surveyed expecting higher rents over the next six months and 62% of respondents expecting higher rents over the next year.
There is no doubt that property prices in the long term will increase and those who do not take advantage of low property prices will simply miss the boat and be relegated to the rental market on a permanent basis.
