Expert: Australia has a 'two-speed' property market
Australia currently has a two-speed property market whereby demand remains strong in Melbourne and Sydney but is faltering everywhere else, a real estate specialist has said.
Ray White joint chairman Brian White noted that the market is dogged by uncertainty in the run-up to the federal election. The company's results for July showed sales were down three per cent on the corresponding period in 2009.
Speaking to the AAP, he said: "The continuing attraction for property in Melbourne and Sydney now defines what 2010 has been all about.
"Demand in those cities just doesn't seem to falter even though the top end properties are quieter and there is evidence of tighter bank lending requirements."
The comments may interest Aussies looking to compare home loans in search of the best opportunities. According to Ray White, Victoria was its strongest performing state, with sales up by more than 30 per cent in July compared to the same month last year. It also reported a four per cent increase in New South Wales.
This article is brought to you by Mozo – Helping you compare home loans