Australians concerned about home price correction: CoreLogic RP Data
Australians consider now a good time to buy regardless of a three-year rise in capital city home values and the possibility of a 'significant' future price correction, according to a new survey.
75% of respondents to the CoreLogic RP Data Nine Rewards Consumer sentiment survey believe the housing market could suffer a significant correction in values.
Those who believed the market is more vulnerable to a correction are becoming more cautious.
Higher numbers of respondents from Sydney felt a market downturn was possible, which the survey noted may be attributed to the high rate of capital gain over recent years causing some concern about an over valuation in the Sydney market place.
Perth residents were overly optimistic about the state of the market since the peak of the resources boom and those in the Northern Territory and regional Western Australia the most pessimistic.
Source: CoreLogic RP Data Nine Rewards Consumer sentiment survey