Majority of Australians believe it's a bad time to sell: NAB

Majority of Australians believe it's a bad time to sell: NAB
Majority of Australians believe it's a bad time to sell: NAB

Most Australians think it's not a good time to sell a property, according to a new survey.

According to NAB's latest consumer survey, a majority of respondents said they'd prefer not to list either the property are living in (56%) or an investment property (51%).

Some 41% also said that it wasn’t a good time to take out a mortgage for investment property.

The survey found roughly half of Australians said it was a good time to renovate the home they were living in (53%).

Buying a property to live in was the aspiration of 49%.

Mostly consistent in the different states some were outliers, in TAS the number who said it was a good time to buy a home to live in ranged from 61% in WA (where dwelling prices are around 17% lower than the last peak in mid-2014) to just 46% in NSW and QLD.

"When it came to selling a property to live in, the number of consumers who said it wasn’t a good time to sell was highest in WA (69%) perhaps also suggesting some home owners may be currently sitting on capital losses," the report said. 

"It was lowest in TAS (36%) which has also been fastest growing state for house prices since late-2017 and also the only state where consumers believe house prices will continue growing over the next 12 months."

"When it came to whether now was a good time to buy an investment property, WA was the most positive state and TAS (28%) the least positive followed by QLD (32%)."

"But more consumers in TAS (34%) thought now was a good time to sell an investment property, by far the highest number of all states," the report added.

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Nab

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