Now is the perfect time to buy a house in SA, South Australians believe.
The CoreLogic RP Data Nine Rewards consumer sentiment survey revealed 55.9 per cent of South Australian respondents say it is a good time to buy, despite the rising capital city prices in the past three years.
The survey also showed that 59.3 per cent of people in the state think it is a good time to sell a property in Adelaide. CoreLogic RP Data research director Tim Lawless says around the country, 60 per cent of survey respondents were optimistic about the housing market.
“Although with the current growth period having run for so long it isn’t a surprise to see a fall in the proportion of respondents who think now is a good time to buy, particularly in the hottest market Sydney,” he says.
Respondents from regional South Australia were most optimistic about buying conditions, along with those surveyed in Tasmania, Brisbane and in regional Queensland.
According to Mr Lawless, this is not surprising given that these regions are yet to see a substantial run up in prices.
The survey also asked respondents about their expectations for capital growth over the next six and twelve months. Nationwide, 48 per cent of respondents expected home prices to rise over the next six months, while 45 per cent are expecting prices to rise over the next twelve months.
The survey also revealed that 41 per cent of Australians expect interest rates to remain at record lows, and another 14 per cent expected them to drop lower still.
However, a concern to those surveyed is the impact foreign buyers are having on the housing market.
73 per cent of respondents are concerned about foreign buyers pushing prices higher across the country. This was mainly a concern to those in Sydney, regional NSW, Melbourne and Tasmania.
(Source: Tom Dougherty-Messenger Newspaper and Tim Lawless-CoreLogic RP Data)