No Winter Chills for Home Buyers
Forget the winter chills -- nothing is getting first-home buyers down this year. Winter is usually a quiet time for residential property, but lower interest rates have led to more activity this year. While two in five new mortgages in June were borrowers refinancing their properties, loans for property investment held steady at just over one-third of all new mortgages. There was a slight increase in first-home buyers, from 13 per cent to 15.6 per cent.
Tim Foote from Belle Property in Mosman and Neutral Bay said buyers have more to spend and more confidence. He says apartments are expected to continue to be popular, while motivated buyers will continue to look for homes during the winter months. If anything, he says, winter ensures a more genuine market, with those who aren’t really interested in buying generally staying out of the cold weather.