Smaller home loans to be needed in Perth and Brisbane
Article by Mozo
Aussies considering getting home loans to purchase property in Perth or Brisbane this year may be in line to pick up a bargain if recent data is to be believed.
Figures from property analysis group SQM Research revealed that prices in the latter are expected to fall 9.6 per cent this year, while for the former declines of 9.8 per cent have been forecast, reports News Limited newspapers.
Financial experts David and Libby Koch observed that in Perth, there is a "serious oversupply of stock", while Brisbane has the potential to "turn into a property nightmare".
However, with prices already down by at least 3.6 per cent in both cities, buyers may find they have more bargaining power when they come to purchase an abode in these areas.
The market for homes valued over $2 million in Sydney has also plummeted this year, with prices falling by 12 per cent.
Figures from RP Data-Rismark recently revealed that the cost of premium properties throughout the country is declining.
Have a question about home loans? Ask the money gurus at Mozo Answers.