The findings came despite rising capital city home prices over the past three years across Australia. In fact, sixty per cent of respondents of the Nine Rewards Consumer sentiment survey agreed buying a home or property in Australia is a good move today.
This figure, however, was a drop from 71% from the same time a year ago. In 2013, it was 80%.
“Although with the current growth period having run for so long it isn’t a surprise to see a fall in the proportion of respondents who think now is a good time to buy, particularly in the hottest market Sydney,” said CoreLogic RP Data research director, Tim Lawless.
The survey also saw optimism among its respondents about buying conditions in Tasmania, regional South Australia, Brisbane and regional Queensland. Lawless said this is not surprising given that these regions are yet to see a substantial run up in prices.
“Sydney and regional New South Wales based respondents were the least optimistic about buying conditions which can probably be attributed to the high rates of capital that have been recorded over the past few years,” he said.
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