Market confidence drops slightly: RP Data

Market confidence drops slightly: RP Data

Posted on Friday, October 25 2013 at 10:06 AM

Housing market confidence has fallen just a tad over the past 12 months, according to a recent survey conducted by RP Data.

The survey revealed 74 per cent of respondents believed it was a good
time to purchase property, down from 76 per cent this time last year.

More than 1000 participants took part in the survey which also indicated
51 per cent were expecting house prices to rise in the next six months,
although they were cautious about the extent of that growth.

RP Data research director Tim Lawless says the most optimistic responses
came from participants in areas where dwellings haven’t shown a substantial
rise in value in the current cycle.

Responses from residents in Sydney and Melbourne were more muted, he

“Clearly Australians remain positive about the direction of dwelling
values, however most respondents who think values will rise over the coming six
and 12 months have fairly measured expectations of value growth with most
suggesting values are likely to rise by less than five per cent over the coming
year,” Lawless says.

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