Administered by UDIA in connection with Urbis, the survey happened the week of May 6-12 and drew replies from 531 citizens that included renters, owners with mortgages and homeowners in Greater Sydney.
The survey revealed that 52 percent of those questioned felt very positive (21 percent) or a little positive (31 percent) regarding the purchase of property.
This is nearly three times the 19 percent who expressed that they were a little negative (13 percent) or very negative (6 percent).
In addition, expectations regarding home costs stay positive in the long run.
While 49 percent of those questioned think that residential prices will decrease during the next six months, nearly two thirds (63 percent) anticipate that values will be higher in eighteen months in comparison to the present.
While the survey results reveal that confidence levels are lower in comparison to the previous survey outcome in August 2019, they prove that overall sentiment is very affirmative.
When this survey was taken in August 2019, 58 percent of respondents held optimism regarding the housing market.
On the other hand, the survey does reveal a downslide in immediate purchasing plans.
The number of people likely to buy a home in the next year descended from 22 percent August 2019 to 18 percent in the more current survey.
The survey also indicates:
- Affirming sentiment has remained consistent in the City and East (60 percent positive) but has descended in comparison with the last survey in Western Sydney (falling 9 percent to 52 percent), North (falling 4 percent to 51 percent) and Inner West and South West (falling 11 percent to 50 percent)
- Feeling has become less positive amongst families and unmarried people/childfree couples but has stayed stable for people in group share residences
- Sentiment has descended more dramatically for owners (falling 6 percent ‘very positive’ to 22 percent) compared with renters (falling 4 percent ‘very positive’ to 20 percent)
- Free standing houses ranked among the most preferred residential category (61 percent), followed by townhomes (13 percent), low-rise apartment units (11 percent), medium- and high-rise apartment units (9 percent) and retirement villas communities (4 percent)
- Parramatta was the most popular suburb in which to reside, ahead of Castle Hill, Chatswood, Blacktown and Balmain
The survey predates the introduction of the Commonwealth HomeBuilder program.
Kylie Newcombe, Associate Director of Urbis, asserted that overall sentiment did not run as negative as expected.
The UDIA | Urbis Home Purchaser Sentiment Survey will be released at the Internet UDIA TV event Thursday 18 June. https://udiansw.force.com/memberportal/s/lt-event?id=a1r2s000000018LAAQ