Distinct Regional Differences in Housing Market Confidence
The consumer sentiment survey by RP Data Nine Rewards has found that there are wide disparities between the different states on peoples’ expectations for house prices in the next six to 12 months.
The survey reported that, overall, half of Australians are of the opinion that the price of houses will rise over the months ahead, and 41% think that they will increase specifically during the next six months.
According to researcher for RP Data, Tim Lawless, 1,030 people were surveyed to gauge their predictions for the housing sector over the ensuing six to twelve months.
Lawless pointed out that there was a ‘substantial upward shift’ in overall expectations by consumers for housing market conditions in the survey, but that the results highlighted distinct variations between regions.
59% of those surveyed in Perth expect property values to increase over the next six months, and 56% of Sydney respondents agreed.
However, the survey found that participants in Tasmania delivered a much more placid reaction, with no locals surveyed expecting values to increase within the forthcoming six months, Lawson said.