Home buyers urged to hold off until spring

Tuesday 17 August 2010

Article by Mozo

New home buyers can benefit from sliding prices by waiting until spring to enter the property market, an expert has said.

Managing director of SQM Research Louis Christopher predicted that property prices could start to fall from as early as next month.
"Because winter is a traditionally slow period, we've not felt the full extent of the struggles in our market to date," he told the Australian.

"We're seeing a drop in total sales … sellers should seriously consider their options if they're planning to trade up over the next 12 months, but for buyers it will be a great time to buy."

The comments may encourage prospective house buyers to compare home loans over the coming months in search of the best deals. According to the Australian, Sydney, Melbourne and Adelaide all recorded steady auction clearance rates over the weekend.

It noted that in Sydney for example, 61.3 per cent of the 384 homes listed were sold at auction, up 5.3 percentage points on last week's 56 per cent.

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