People 'are sniffing out property bargains'

The property sector may be in a bit of a sorry state, but new figures have suggested that Aussies are still snapping up bargain homes.

There is a lot of doom and gloom surrounding the mortgage market at the moment, although the demand for home loans rose slightly in September.

According to RP Data, house hunters are being increasingly careful with their money and are reluctant to shell out huge sums on a house.

Indeed, almost four out of five homes sold across the country in the past 12 months went for less than $600,000, the Daily Telegraph reports.

More than 40 per cent were purchased for between $200,000 and $400,000, while a further 30 per cent were bought for between $400,000 and $600,000, the organisation confirmed.

"People are being more cautious about how much they spend," RP Data research analyst Cameron Kusher was quoted as saying.

"For most people buying a property is the largest investment they'll every make."

Have a question about home loans? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801489286-ADNFCR