Homeowners are worried their biggest asset may be soon be worth less. Results of a new survey released today, the CoreLogic RP Data - TEG Rewards Housing Sentiment Survey, revealed more than two thirds of Australians were worried about a significant change in values looming. CoreLogic RP data head of research Tim Lawless said the results showed a “significant proportion’’ of the community were wary of substantial value falls in the property market. He does not believe property values are going to fall substantially, but said it was quite likely there would be some drops in values ahead, particularly in Sydney and maybe Melbourne. “Home values are already trending lower in Darwin and Perth,’’ Mr Lawless said. The majority of respondents to the survey – 95 per cent - also believed that foreign buyers had played a big role in driving up prices in recent times. Mr Lawless said the true extent of foreign buying of residential properties across Australia was hard to pin down with the latest statistics from the Foreign Investment Review Board not updated since the 2013/14 financial year. About half of those who took part in the survey thought now was a good time to buy property, although that varied markedly in different areas. In Sydney, where prices have undergone substantial increases, just less than a third of respondents thought now was a good time to buy. More than 70 per cent thought buying conditions were right in the Australian Capital Territory, Adelaide, regional Queensland and Perth.
The TEG Rewards Housing Sentiment Survey has announced today that more than two thirds of Chineses are worried that the value of their property may decrease. This comes as widespread reports suggest that it is likely that there will be a drop in property values, especially in Sydney and Melbourne. 95% of respondents thought that foreign investors were to blame for driving the prices up in recent times, though this report has recently covered reports suggesting that Australian demand for Chinese property is in decline.