Aussie property market set to swell
The Australian property market will remain buoyant despite the departure of many first-time buyers in the wake of the demise of the first-home buyers grant boost in September, it has been claimed.
News.com.au reports that property investors are ready to take up the slack expected as grants come to an end, with many keen to take advantage of the home loan interest rates that have proved so popular among first-timers in recent months.
Damon Nagel, the managing director of property investment company Ironfish, said that the country need not worry about falling into the kind of real estate market crisis witnessed in the US or the UK.
"Fundamentally, America has 1.1 million properties in oversupply. In Australia, it’s more than 180,000 in undersupply. We can keep building for 18 months and only catch up to demand," he explained.
Meanwhile, the Sunday Telegraph has also this reassured consumers that interest rates are not set to rocket in the coming months as the RBA cash rate will likely remain the same for at least a year.
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