Property market sentiment has rebounded, with a greater percentage of Australians reporting they are feeling positive towards the current market.
That was the standout finding from ME’s third Quarterly Property Sentiment Report, conducted in October 2019.
The report shows sentiment towards the property market has improved considerably over the past quarter, with 42 per cent of Australians in the property market feeling positive about the market (up 9 percentage points) and 24 per cent feeling negative (down 2 percentage points).
Sentiment also improved across the board for every age group, property status and property intention.
Millennials, investors and those who plan to buy in the next 12 months stood out as the most optimistic within their respective cohorts.
The past three months have been a critical time for the property market. After a period of price declines in Australia’s key property markets, consistent house price increases over the past three months have created a much-needed period of stability, providing more certainty that early price increases weren’t simply a blip in the data.
Almost half predict house prices will keep rising.
Expectations for house prices over the next 12 months have soared, with now almost half of Australians in the property market (47 per cent) expecting prices to rise (vs. 32 per cent in April, 38 per cent in July), only 13 per cent expecting prices to fall (vs. 28 per cent in April, 17 per cent in July), and 30 per cent expecting them to stay the same.