Property Buzz

Money & market

Housing crisis spurs support for local development as property prices expected to climb

post-header

Australians are increasingly backing more housing development in their own suburbs as the ongoing property crisis continues to bite, according to a new survey.

The Dye & Durham Australian Market Pulse survey, conducted by Resolve Strategic, found majority support in every state for increased building in respondents’ local areas.

Dennis Barnhart, Managing Director of Dye and Durham Australia, said housing prices were likely to keep rising due to demand outstripping supply.

“While one in eight people are likely to sell a property in the next year, almost a fifth believe they are likely to buy which again underscores the supply and demand issues in Australia’s housing market right now,” Mr Barnhart said.

The survey of 1,607 Australians revealed 54% support more housing being built in their areas, compared to 21% who oppose it.

Support was strongest in New South Wales and Queensland at 55%, followed by other states at 54% and Victoria at 52%.

The findings suggest the housing crisis is overcoming traditional “Not In My Backyard” (NIMBY) opposition to development in major cities.

==
==

Nearly three-quarters of respondents (73%) expect property prices to continue rising over the next 12 months, while only 5% anticipate a fall.

The rental market outlook is similarly bleak, with 77% believing rental prices will increase and just 2% expecting a decrease.

The survey also found growing pessimism about the broader economy, with 61% of respondents believing Australia faces a recession in the next year, up from 54% in March.

Almost half (48%) expect interest rates to rise over the next year, compared to 33% in March.

Cost of living remains the top concern, cited by 75% of respondents as the most important issue facing the nation.

The survey revealed a growing acceptance of artificial intelligence, with 49% of respondents having used the technology, up from 39% in March.

However, 81% expressed concern about the safety of their personal data held by large organisations and government agencies.

The Dye & Durham Market Pulse Report is conducted quarterly to uncover trends in Australian sentiment on the economy, technology, and the real estate market.

Previous post
Next post
Leave a Reply

Your email address will not be published. Required fields are marked *