Aussies sitting on the fence when it comes to property prices, new survey reveals
Many Australians believe house prices will rise over 32 per cent over the coming 12 months, according to a new survey by Mortgage Choice.
The company surveyed 1,030 Australians and found that while some were optimistic about growth, 25 per believed dwelling values would fall, and a further 25 per cent said prices would stabilise.
The result follows a 9.8 per cent spike in property prices in Melbourne, while prices in Sydney have climbed 7.4 per cent, Mortgage Choice reported.
Mortgage Choice, chief executive, John Flavell, said people's perceptions of property prices "really depend on where they live... at the moment the Australian property market is telling two different stories".
"On the east coast of the country, property prices continue to rise, albeit at a slower pace than previous years," he said.
Flavell said dwelling values in all eastern capital cities had climbed over the last 12 months, while western capital city prices fell.
In the 12 months to April 2016, Brisbane's home values clawed up by 4.5 per cent and Adelaide by 3.2 per cent. Inversely, Perth values fell two per cent and Darwin dropped 1.8 per cent.
Flavell said despite this, home loan demand outpaced expectations. He said data from the Australian Bureau of Statistics shows that more than $32.8 billion in home loans were approved in February 2016. "This highlights the ongoing strength and resilience of the Australian property market," Flavell said.
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