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Market expectations divide across states
Consumer expectations for the Australian housing market are increasingly divided across the states, a new report has found.
The states diverged in responses about expectations for the housing market in December consumer results with market confidence being reported only in WA, according to the Index of Consumer Sentiment -Westpac RedBook December 2011.
New South Wales and Queensland respondents showed weak interest in property investment, while there was a sharp downward spike in Victoria, and only West Australians showing an increase in interest.
Job security and thoughts about housing followed a pattern of strength to mining areas and weakness in non-mining sectors.
The index tracking views on ‘time to buy a dwelling’ dropped 1.9 per cent in December from November, however this is close to the historical average.
Only 14 per cent of respondents chose real estate as the “wisest place for savings,” a low not seen since the global financial crisis worst points.
The survey found no consensus on where prices are heading, and a general disinterest in real estate investing.
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