This data for the second quarter of 2022 is the weakest result since the commencement of the survey three years ago (Q3 2020).
Around one in four (24%) Australians currently believe now is a good time to renovate property, down from one in three (32%) in the previous quarter.
The number of Australians who thought now was a good time to get a mortgage also fell to one in five (19 per cent) in quarter-two, down from around one in four (27%) in the first three months of the year.
NAB Executive Home Ownership Andy Kerr said the housing market was constantly evolving and recent trends have opened up new opportunities for buyers.
"We’re predicting a drop in housing prices of around 18% in the next 18 months which would take us back to January 2021 levels," Mr Kerr said.
"With a combination of house prices declining and the recent release of the First Home Guarantee Scheme, it will renew optimism for first home buyers.
"So despite rising rates, we're still seeing a steady intention of people looking to buy, even if sentiment is showing us that buyers may wait a little longer."
Mr Kerr also notes the positive impact that working from home has had on home buyers.
"New flexible working arrangements have allowed buyers to buy in suburbs that in the past would not have worked for full time commutes to the city," Mr Kerr said.
"In the last 12 months, we are seeing more people buying in outer suburbs where it is more affordable and there is a train journey to the office for when they need to be there.
"We also know that Australians are looking for more information and certainty on what rising interest rates mean for them."
The breakdown, state by state
Is it a good time to buy now?
In the ACT, there was an increase to 27% in the number who thought now was a good time to buy, compared to 25% the previous quarter. This was the highest in the country.
The number who thought so in Tasmania was unchanged at 15%.
In contrast, the number who thought it was a good time to buy a home now dropped in WA to 24% (32% in Q1) and QLD to 14% (20% in Q1).
The number also dropped in Victoria to 21% (25% in Q1); NSW to 18% (21 per cent in Q1); and to 14% in SA (17% in Q1).
Is now a good time to renovate?
Around one in three people believe so in Tasmania (33% but down from 44% in Q1), as well as SA (32% down from 37% in Q1).
In contrast around one in four people in all other parts of the country thought it was a good time to renovate, ranging from 22% in NSW to 26% in WA.
Is now a good time to get a mortgage?
Fewer Australians in all states think now is a good time to get a mortgage, ranging from around one in four in the ACT (24%) and WA (23%) to just one in seven in Tasmania (14%).
Less than one in five in WA (17 per cent) and Victoria (18 per cent), and around one in five in SA (19%) and NSW (20%).
Why so negative?
Simon Pressley, Head of Research and Managing Director of Propertyology, last week released a revised Mid-2022 Property Market Outlook, highlighting the importance of seizing this opportunity.
"I anticipate that buyer activity will subside from the 2021 record high of 620,000 real estate transactions to circa 380,000 over the next 12-months," Mr Pressley said.
"Before too long though, those who initially got spooked will gain composure, the spike in buyer activity will be met with competition for below average supply, and asset values will surge.
"When we look in the rear-view mirror in five-years’ time, the biggest winners will be those who purchased during this next 12-months."
Founder and Managing Director of Aus Property Professionals Lloyd Edge also believes this could be a great time to take advantage of a falling property market.
"Already property prices have fallen in major capital cities like Sydney and Melbourne, and we should expect to see the market slow by a further 10% to 15% in the next few months," Mr Edge said.
"For savvy property investors and home buyers, the declining market presents an opportunity to get better value for their money."
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