A large percentage of Australians believe that 2017 is a good time to sell, according to a recent study commissioned by LocalAgentFinder.
The study, done in partnership with insights company PureProfile, surveyed 1,001 Australians and found that 62 per cent of Australian home owners believe 2017 will be a good year to buy, while 73 per cent believe it will be a good year to sell.
The level of confidence in the market differed from state to state, with the eastern states being the most confident in the value of their property portfolio.
It was found that 81 per cent of homeowners in New South Wales believe it’s a good time to sell, while Victoria and the Australian Capital Territory were slightly more confident with 82 per cent of homeowners agreeing it’s a good time to sell.
Other states were a bit less confident in the market, with 73 per cent thinking it was a good time to sell in Northern Territory, 70 per cent in South Australian, 67 per cent in Queensland and Tasmania and just 44 per cent in Western Australia.
2017 also a good time to buy
While selling doesn’t seem to be on the drawing board for most in WA, many are still optimistic about buying in the state.
Eighty five per cent of Western Australians believed that 2017 was the right time to make a property purchase, with the Northern Territory close behind with 80 per cent, followed by Tasmania with 71 per cent.
Across the country, 68 per cent of South Australians believe this year is the right time to buy, followed by 65 per cent of Queenslanders, 57 per cent of Victorians, 55 per cent of NSW residents and 47 per cent of those in the ACT.
The research highlights the varying levels of confidence in buying and selling around the country, with states where the property market has been running hot, such as NSW and Victoria, showing the most confidence in selling.
However, despite record price growth in Sydney and Melbourne, more than half of people in these states still report confidence in buying. This shows that there is still a high level of confidence in the future of the property market despite reports of a market slowdown and imminent interest rate rises.
There are a number of factors that are contributing to property price increases in these cities, such as population growth and new infrastructure, that is keeping prices at a high level and likely will for some time.