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Is now the best time for Aussies to buy a property?

Property Observer
Is now the best time for Aussies to buy a property?

Almost two thirds of Australian’s think now is a good time to be buying residential property and believe the housing market is vulnerable to a significant correction according to the quarterly housing market sentiment survey by CoreLogic and TEG rewards.

The survey found Melbourne stands out as the region where respondents are most optimistic about selling conditions.

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Some 60 percent of respondents think now is a good time to sell in Melbourne, 73 percent think the market is ripe for selling in Victoria and 53 percent think the time is right to sell in Sydney.

CoreLogic research head Tim Lawless said with such a large proportion of survey respondents thinking that now is a good time to buy a dwelling, it was surprising to see almost two thirds (65 percent) also indicated they thought dwelling values could suffer a significant correction.

"While the results suggest that survey respondents are concerned there could be a substantial fall in Australian home values, the proportion is lower from a year ago when 75 percent of respondents thought the market was vulnerable to a significant correction in values," he said.

"Sydney-based respondents, where affordability constraints are the most pressing of any capital city, were the most pessimistic about whether now is a good time to buy a property, however slightly more than half the respondents still felt it was a good time to buy. 

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"Conversely, the regions where dwelling values have peaked and shown a downturn are where respondents are most confident about buying conditions. 80 percent or more of respondents in the Northern Territory, Regional Western Australia and Perth indicated they thought it was a good time to buy.

"Melbourne stands out as the region where respondents are most optimistic about selling conditions, with almost three quarters of respondents indicating they thought it was a good time to sell. Based on CoreLogic data, Melbourne is continuing to show the fastest average selling time, at 34 days and one of the lowest average rates of vendor discounting."