Analysts at NAB suggest that the Australians are facing a very different property market, as the house prices continued to moderate after 5 years of solid growth.
“NAB’s Chief Economist, Alan Oster, said “most consumers think now is a good time to renovate their home or buy to live in, but with prices falling across most of the country, not surprisingly they don’t think it’s a good time to sell their home or investment property”.”
“Over the next 12 months Australians are still most positive about renovating their home and buying a property to live in. But, it’s also clear consumers are far more uncertain about the future – around 4 in 10 said they simply didn’t know if it would be a good time to buy, sell, renovate or take out a mortgage.”
“On average, consumers expect price falls of -2.1% over the next 12 months (against -2.4% forecast by property professionals in NAB’s latest Residential Property Survey).”