Aussies think it’s a great time to buy property

Most Australians think it’s a great time to get into the property market, despite also thinking that house prices will fall further, according to Westpac’s monthly consumer sentiment survey.

The survey showed an 11.8 per cent surge in respondents thinking now is the right time to buy a property — this is 17 per cent higher than just a year ago.

It seems to be property buyers in NSW who are most keen to get into the market, with the state’s ‘time to buy a dwelling’ index surging 26 per cent to a five-year high.

But despite thinking it’s a great time to buy many consumers believe there will be further price falls.

The survey revealed that consumers anticipate a fall in property prices of 2.3 per cent, equal to the weakest level on the survey’s record.

Why buyers are keen to buy in a falling market

It’s no surprise that more buyers are itching to get into the market at present given the recent improvements in housing affordability.

National dwelling values have fallen by 3.5 per cent over the past year according to CoreLogic data, led by falls in Sydney and Melbourne.

Many buyers are seeing their opportunity to get into the property market while they can.

However, while many economists agree with the general sentiment that further falls are likely, there is no telling for sure when or if the market has bottomed out and there are major differences in price fluctuations from market to market.

In fact, while some property markets may be falling, others are improving and this is happening even within the same cities.

But whether prices are going up or down, there’s no denying that some of the heat has gone out of the property market, which has given buyers back some negotiating power and made it a little easier to buy a home.

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