Burnt by a perceived promise by the RBA, Aussies are losing trust in the institution and are now forecasting their own trends for the property market
But from May this year an eight-month campaign of hefty rate hikes moved the figure from a record low of 0.10 per cent up to 3.10 per cent.Consumer sentiment bucks RBA prediction
“Given the contrary view of many property market experts, the confidence Australians have in stable or growing property prices is surprising. “I think in those figures we’re seeing are a bit doom and gloom. I don’t believe those predictions and the reason I say that is they consistently get it wrong,” she said.“We also saw predictions about a crash during the GFC which wasn’t anywhere as significant. I’ve seen so many cycles now and those dramatic predictions grab headlines but there’s not always a lot of substance behind them.”
“The general feeling out there is more of a frustration at the cuts to the borrowing capacity, rather than anger towards the RBA. Canstar’s finance expert Steve Mickenbecker said the confidence Australians have in stable or growing property prices is surprising. Picture: Supplied Canstar’s data showed a growing number of Australians feel parents have an obligation to help their children buy their first home, up from 21 per cent last year to 24 per cent.
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