Skip to contentSurvey claims most Australians think it is a grand time to renovate.
With prices continuing to languish, buyers, sellers, home owners and investors face a market with which most are unfamiliar.
Naturally, this causes some trepidation about buying or selling.
A new survey by National Australia Bank (NAB) finds that a majority of Australians, unsurprisingly, don’t think it’s a good time to be selling their homes.
While, also unsurprisingly, a great many more (but still under half) think it might be a good time to buy.
This split between the attitudes of buyers and sellers contributes to an uncertain market.
According to Alan Oster, NAB’s Chief Economist, “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 … they don’t think it’s a good time to sell their home or investment property”.
About half of Australians responding to the survey said it wasn’t a good time to sell. Notably, a higher percentage in Western Australia thought it wasn’t a good time to sell their homes.
Mr Oster said, “We suspect this is influenced by the fact that some home owners in WA may also be sitting on capital losses”. But of course they aren’t the only ones.
At the present time, Australians responded most positively to the idea of renovating their homes and investment properties, rather than selling.
Said Oster: “Overwhelmingly, the majority plan to sit tight and do nothing.”
Survey results.
Consumers expect average price falls to be 2.1% in 2019, compared to the 2.4% NAB property experts estimated.
