Social media atwitter on unsustainable house prices

by Adam Smith01 Dec 2011

Social media conversations on house prices are dominated by the opinion that they are unsustainably high.

A media analysis by research firms 360M and Brandtology has found social media participants remain convinced house prices are too high, and will have to drop if new owners are to enter the market. The report also indicated that social media users respond favourably to media reports painting Australian housing as unaffordable.

"In social media the concern remains sharply on the continuing difficulty of entering the housing market and the still record levels of house prices as a proportion of incomes, despite the relative flatness of the housing market in recent years compared to the rest of Asia," the report said.

The analysis also found online sentiment was "considerably more negative" than the mainstream media about government policy on housing, as well as Australia's economic prospects.

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  • by Xavier Quenon 1/12/2011 11:39:00 AM

    It is an interesting article however it is important to remember that :
    - those who do not have any complaint about the subject matter would be less likely to be vocal. This can distort the validity of the statistics harvested
    - Most people also think taxes, the price of fuel, water and electricity are too high as well but this does not mean these prices will come down.

    I think would be buyers, especially First Home Buyers would get a much better outcome should they work closely with a competent broker and put in place a strategy to get their foot in the door. This might take 3,6,12 or even 18 months however it does not have to be an 'impossible dream'

  • by James Tsolakis 1/12/2011 3:28:23 PM

    Too right house prices and comercial building as way over prices in Australia. Read Harry Trigaboff comments in yesteredays SHM .. saying that he relies on Asian buyers as Australians can no longer afford to buy a home in their own country ... sad really but so so true. Income to House price ratios are 4 times higher than they need to be .. either hosue prices need to fall 40% or the averga eincome needs to go up to $150,000 per annum .. almost triple. Do the maths .. it just not a happy situation for people wanting to own a home .. and those that have borrowered excessively are generally all in trouble. To put this another way ... under the new NCCP .. just about every loan that is written does not qualify and fails the stes test.