Property sector 'is becoming a buyer's market'

Thursday 21 April 2011

Article by Mozo

The number of home loans being issued in Australia has dipped significantly in the past few months, as the property sector continues to become a buyer's market.

Australia 'is becoming a buyers market'

According to John Symond, who is the managing director of Aussie Home Loans, the number of people looking to compare home loans has decreased by as much as 20 per cent.

He told news.com.au that this decline has occurred over the past four months and is not expected to change for another six months or so.

During this time, Mr Symond believes the property industry will be dominated by buyers – particularly those looking for houses worth more than $700,000.

However, he told the publication: "The cheaper prices close to the city – prices up to $600,000 or $700,000 – are still quite good because you've got first home buyers and small investors vying for those properties."

Recently, Mortgage Choice advised Australians that the best way to secure a home loan is to use budget calculators online.

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