House hunters 'must not let their hearts rule their heads'

Buying your first property is one of the biggest moments in your life and with the housing market being so shaky at the moment, it is more important than ever that you make the right decision.

In the past, many Aussies have selected a new house based on a gut instinct, but this is becoming less common.

According to chartered psychologist Dr Jane McCartney, people are now using their head rather than their heart when committing to a mortgage.

She believes that choosing a property is now a more practical response, rather than an emotional one.

"It is a sign of the times and it is the practicalities. We need to think about the fact that property could be a long-term commitment; we are talking about years and years," Ms McCartney remarked.

A lot of Aussies have been reluctant to take on a home loan in the current economic climate and latest figures from the Australian Bureau of Statistics showed that mortgage uptake was down by 1.2 per cent in May.

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