A survey of property market professionals shows expectations for home price rises softened further ahead of the election.
Confidence within the property industry dropped ahead of the federal election, to its lowest point since just before the previous election, despite the strong presence of foreign buyers.
The gloom was centred on the residential sector, according to the quarterly ANZ/Property Council survey of property market professionals.
Expectations for price rises were neutral in the survey conducted in June, with the number of respondents expecting rises over the coming year only marginally more than those expecting falls.
While the residential sector is flagging, the survey showed ongoing strength in the non-residential sector, which ANZ's economists said confirmed the transition taking place across the economy.
Foreign buyers were maintaining a strong presence in both the residential and commercial property sectors. The survey showed 23 per cent of residential sales and 17 per cent of commercial property sales in the past three months were to foreign buyers.
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