Whether true or not, the majority of Australians right now think it’s a good time to sell residential property and think the market could see a large-scale price correction.
The survey was done by CoreLogic and found Melbourne was the most optimistic on selling out of all the states in the country, with 60 per cent of Melbournians saying they thought it was a good time to sell.
The survey found that although respondents thought it was possible the property market would see significant price correction, 65 per cent of them also thought it was a good time to buy a home.
CoreLogic’s head of research Tim Lawless spoke to Property Observer.
“While the results suggest that survey respondents are concerned there could be a substantial fall in Australian home values, the proportion is lower from a year ago when 75 per cent of respondents thought the market was vulnerable to a significant correction in values,” he said.
“Sydney-based respondents, where affordability constraints are the most pressing of any capital city, were the most pessimistic about whether now is a good time to buy a property, however slightly more than half the respondents still felt it was a good time to buy.”
“Melbourne stands out as the region where respondents are most optimistic about selling conditions, with almost three quarters of respondents indicating they thought it was a good time to sell.”
“Based on CoreLogic data, Melbourne is continuing to show the fastest average selling time, at 34 days and one of the lowest average rates of vendor discounting.”