Second Half of 2010 to be a House Buyers Market
Reuters reports that asking prices for homes fell for the first time this year in July, lowering the annual rate of growth to 3.7 percent from 5.0 percent in June, property website Rightmove showed.
Rightmove blamed the weakening on a rise in the number of homes coming up for sale, which had allowed buyers to gain the upper hand.
“The number of new mortgages being approved each month is less than half the number of new sellers,” said Miles Shipside, Rightmove’s commercial director.
“Conditions are ripe for a strong buyers’ market in the second half of 2010.”
Rightmove said the supply of properties coming up for sale was up almost 50 percent compared with the same period last year while many buyers were still struggling to get mortgages.
It predicted that asking price gains of around 7 percent in the first half of this year would be wiped out by falls in the second half as a public spending squeeze and a weaker economic outlook weigh on confidence.
To many people home ownership in Australian cities is the major objective or dream. The real estate annalists say that around 70% citizens of Australia own residential property. Even many overseas investors are rushing to Australia to own the residential properties with the help of Buyers Agent.