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Property crash looms as prices keep rising

Property crash looms as prices keep rising

One third of real estate agents have predicted a property crash within a decade, while a majority believe home ownership is becoming increasingly unattainable.

A nationwide poll of 228 agents by real estate ranking platform OpenAgent found that 53 per cent of respondents do not expect a property crash in the foreseeable future.

However, 17 per cent said a crash could occur within the next three years, while another 18 per cent said a crash could occur in the next five to 10 years.

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Meanwhile, according to the survey, 60 per cent of agents think that home ownership is increasingly becoming out of reach for Australians.

The survey found that 74 per cent expect prices in their local market to increase in 2015.

Another 21 per cent said their local prices would remain steady, while 4 per cent expect prices to fall.

Foreign investment in residential real estate is likely to drive up prices for Australians, 40 per cent of respondents said.

The survey also found that 47 per cent want foreign investment to be more heavily regulated.

Property crash looms as prices keep rising
mortgagebusiness

 

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