PHOTO: Consumers are opting to renovate rather than sell as house prices continue to plummet. Gary Rivett: ABC News

Consumers and property professionals’ expectations of further falls in house prices are leaving them anxious, with a new survey finding more Australians are opting to renovate rather than sell their homes over the coming year.

Key points:

  • Australian consumers do not think it is a good time to sell their home or investment property and expect house prices to fall a further 2.1 per cent nationally
  • NAB forecasts house prices will drop a further 5.6 per cent in Sydney and 7 per cent in Melbourne over the coming year
  • After Hong Kong and Vancouver, Sydney and Melbourne are the least affordable housing markets worldwide

An NAB survey of 2,000 Australian consumers found most do not think it is a good time to sell their home or investment property.

On average, consumers expect price falls of 2.1 per cent over the next 12 months.

The worst falls, they anticipate, will be in New South Wales (-3.1 per cent) and Victoria (-2.9 per cent).

READ MORE VIA ABC