Australians plan to sit tight and do nothing in the 2019 property market: NAB Survey

Australian consumers are uncertain about the future of the property market, according to the latest consumer survey from NAB.

With Australian house prices continuing to moderate, home owners, investors, buyers and sellers now face a different and for some unfamiliar, property market.

This survey found Melbourne houses are set to fall the most of any in 2019.

NAB’s Chief Economist, Alan Oster, said “most consumers think now is a good time to renovate their home or buy to live in, but with prices falling across most of the country, not surprisingly they don’t think it’s a good time to sell their home or investment property”.  

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Overall, 1 in 2 Australians said it wasn’t a good time to sell their home or investment property. A much higher number in Western Australia said it wasn’t a good time to sell their home.

“We suspect this is influenced by the fact that some home owners in WA may also be sitting on capital losses” said Mr. Oster.

Over the next 12 months Australians are still most positive about renovating their home and buying a property to live in. 

But Mr Oster said, “overwhelmingly, the majority plan to sit tight and do nothing."

On average, consumers expect price falls of ‐2.1% over the next 12 months compared to ‐2.4% forecast by property professionals that NAB surveyed.