Gold Coast homeowners are looking to upgrade

Tuesday 09 March 2010

Article by Mozo

Homeowners on the Gold Coast are looking to upgrade their properties despite rising interest rates, according to the mortgage broker Loan Market.

Loan Market Gold Coast broker Nathan Swain said since the start of the year he had received a significant increase in enquiries from people about upgrading.

"Around 90 per cent of my customers are looking to sell and then upgrade to a bigger property," Mr Swain said.

"They’re looking to upgrade from their $300,000 to $500,000 properties up into the next price bracket."

Mr Swain said the Reserve Bank of Australia’s decision to lift the cash rate from 3.75 per cent 4.0 per cent last week was no surprise and that most mortgage holders would have been prepared for the increase.

He added that interest rates are still below traditional average levels and that the previous three increases had not put off people looking to compare home loans and buy new property.

According to recent figures compiled by CommSec for the Sunday Telegraph, Aussies must work almost three times harder to pay off the average family mortgage than they did 50 years ago.

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