Despite daily media articles declaring that property prices are set to fall 15% or 20% or more, most Australians don’t believe it.
That’s according to the latest Finder Consumer Sentiment Tracker, which sought consumers’ views on the direction of house prices in the next 12 months.
Even in Sydney and Melbourne, where some economists and commentators have declared prices to be falling already, only about 20% of consumers believe prices in their local area will fall in the next 12 months.
In Sydney, 50% believe prices will rise and another 28% suggest there will be no change.
In Melbourne, 56% expect property prices to increase and 25% expect them to stay the same.
Consumers are even more bullish about house prices in Perth, Adelaide and Brisbane. In Brisbane, 63% expect prices to rise and 23% expect no change. Only 14% expect prices to decline. In Perth, 58% expect price increases and 29% foresee no change to house values. Only 13% expect prices to fall.