Housing market sentiment weakened in all states in the June quarter as prices took a backward step and rents slowed. Capital and rental expectations were also more measured, with confidence seemingly undermined by softer economic growth and downside risks posed by the economy’s structural adjustment. WA is the most optimistic state for prices in the next year, followed by Victoria and NSW. Resident owner occupiers more active in the established market, while new developments attract more investors. Foreign buyer activity remains elevated at around 13% of total demand, up from 5-6% in much of 2011.
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