RP Data have found that consumer sentiment towards the housing market is dangerously negative. Its survey found that 63% of respondents believed the market would face a negative correction in the near future. Estimates of the correction varied across the nation. However, areas relying on resources (especially those of Western Australia, Canberra and Queensland) feared the largest price drops.

71% of survey respondents somewhat paradoxically believed that now was also a good time to buy property. Whie 50% believed it was a good time to sell.

Tim Lawless. Photo: Blogrpdata.com

Tim Lawless. Photo: Blogrpdata.com

Tim Lawless, RP Data research director, believed that these results reflected the June quarter market slowdown. But the results point to longer term positive outlook for the housing market. With so many people still optimistic about the prospective value of houses any immediate negative price correction will only be short lived.

Housing sales have been falling steadily since March this year. This has been reflected in depreciating prices. But realtors aren’t panicking yet as the survey data suggests there are better times ahead.

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