What are property owners concerned about in 2023?

More than seven out of 10 Australian property owners are worried about the country falling into a recession this year, according to LocalAgentFinder’s latest Real Estate Sentiment Report

When asked whether they were concerned that Australia would experience a recession this year, an overwhelming 73 per cent of the 1,038 respondents agreed or strongly agreed that they were concerned about the prospect of a continuous economic downturn. 

Meanwhile, only 2 per cent of respondents strongly disagreed, 13 per cent disagreed and 12 per cent were unsure if they were concerned about this prospect. 

Findings showed that the Reserve Bank’s (RBA) interest rate rise cycle is also a matter of concern, with 66 per cent of respondents saying they were “a bit stressed” at the prospects of interest rates rising further in 2023. 

Only 11 per cent strongly disagreed and 21 per cent disagreed that they are concerned over the trajectory of the central bank’s monetary policy.

In addition to rate increases and the prospect of a recession, findings of the survey also showed that rising inflation is negatively affecting the wellbeing of Australians in different ways. 

Almost nine out of 10 stated that they will further cut back on their discretionary spending this year because of inflation, while seven out of 10 respondents said inflation had eroded their household’s savings and that the issue has them hesitating about taking an overseas trip in 2023. 

Richard Stevens, the chief executive of LocalAgentFinder, said that the “health of the economy, the impact of inflation and rising interest rates” are now on top of the list of concerns among Australians. 

“These concerns translate to the property market where a reasonably large cohort believes prices will fall this year, albeit somewhat moderately,” he said. 

When it came to views on property prices, 28 per cent of

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