Job security fears impact housing market

(AAP) - Increasing concerns about job security are impacting on the property market, with people opting to spend less and delay buying, a survey shows.

The realestate.com.au Consumer Insights Buy report, which measures the perceptions
of property buyers, showed 55 per cent of Australians have a high degree of concern
about their job security.
Of the 2,665 people surveyed, 38 per cent said they would spend less on buying
property, while 32 per cent said they would delay their purchase.
Realestate.com.au residential general manager Peter Wright said the online survey
found one in two Australians were now looking to buy within the $200,000-$400,000
price bracket.
There had also been a four per cent decrease in the number of people looking to buy
above $750,000.
"With increasing unemployment rates, job security is having a direct impact on many
Australian families and their decision to buy," Mr Wright said in a statement.
"It's no surprise the level of anxiety is so high, as buying a family home is one of
the biggest financial decisions many people will ever have to make."
The survey found 78 per cent of people believe the slowing economy is behind a
decline in property prices.
Of those surveyed, 68 per cent were in full-time employment.