Aussies Remain Bullish On Prices: Canstar

Posted on 1/02/2019  
Aussies Remain Bullish On Prices: Canstar

Despite headlines about falling prices in Sydney and Melbourne, a new survey shows many Australians remain optimistic about property prices – including some who expect prices to “skyrocket”.

A survey of 2,100 people, commissioned by comparison site Canstar, found 5% of Australians expect prices to “skyrocket”, with an additional 33% expecting steady growth and around 25%  predicting prices will remain stable.

People are most optimistic in Brisbane, where house prices have been broadly steady, and in Tasmania, where prices have been rising strongly. About one in two people in both areas expect prices to rise.

However, a third of survey respondents in the weakening markets of Sydney and Melbourne also expect price growth. More than 5% expect prices to skyrocket, while 9% of Brisbane residents think the same.

The findings come after a NAB survey of more than 2,000 consumers last week found 5% expect prices to rise at least 10% in the next year — with a total of 25% expecting price growth.

When asked their plans for the year ahead, most consumers want to sit tight, says NAB chief economist Alan Oster. “They’re not going to buy, they’re not going to sell, but about 20] are going to renovate,” he says.

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