Interest in buying property 'has declined'
Prospective home loans customers may find property prices more competitive at the moment as interest in purchasing dwellings has dropped recently.
Craig James, chief economist at Commonwealth Securities, asserted that the cost of housing has been "falling, albeit modestly", reports the Australian Associated Press.
"Clearly buying interest has dried up with potential home buyers holding off on purchases in all areas," he observed.
However, with lower levels of competition in the market, those who do want to get onto the housing ladder may find they are in a better position to negotiate prices and get a better deal.
The temptation to try this may be heightened in light of his claim that the low levels of activity in the market are putting pressure on rental costs.
Aussies who decide to purchase a home in the near future might wish to take the advice of the director of MF Simmons Mortgage Broking Medine Simmons, who told Yourmortgage.com.au that opting for fixed home loan interest rates could help protect against future increases to the cash rate.
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