CoreLogic RP Data reveal housing market price correction fears

"A new housing market sentiment survey by CoreLogic RP Data has found 68 per cent of Australians think the property market could suffer a significant price correction.

This is the highest reading the survey has ever recorded for this question.

More than half of all respondents in each region felt that the housing market could see a significant correction.

Interestingly, the survey found respondents from areas where values have seen minimal growth over recent years were most inclined to think a significant correction was a possibility. In Sydney and Melbourne, the proportion was closer to the national figure at 68.6 per cent and 67.3 per cent respectively.

With mortgage rates on hold for the past 15 months to November, 63 per cent of respondents believed rates would remain on hold over the six months from September 2014 to March 2015.

“Most respondents still felt it is a good time to buy property, although with the current growth period having run for so long, it isn’t a surprise to see a slight fall in the proportion of respondents who think now is a good time to buy,” said CoreLogic RP Data senior research analyst Cameron Kusher."

The above is an excerpt from the full article at: http://www.rebonline.com.au/breaking-news/8397-property-market-faces-significant-correction (Real Estate Business, 2014)

Michelle Wang

Four C Realty