Are there any signs and signals or is it purely guesswork? The answer depends on a number of factors but at the end of the day it comes down to individual situations. The best way to decide is really to pull up your sleeves and do some good, old fashioned homework.
First home buyer inquiries are increasing as they are poised to make a strong return to the real estate market, according to mortgage broker Loan Market.
NSW is leading the national surge as first time buyers move quickly to beat the loss of stamp duty concessions at the end of the year, the Real Estate Institute reported this week.
Loan market chief operating officer Dean Rushton said inquiries from first time buyers were up 15 per cent nationwide while in NSW there had been a 30 per cent hike in inquiries last month.
Mr Rushton said the stable interest rate environment of the past 10 months had been a major factor in reigniting the first home buyer sector. Lender competition for new business through interest rate specials had also been welcomed.
He said an increase in activity in NSW followed the State Government’s Budget move to restrict stamp duty concessions for first home buyers by the end of 2011. Other factors making an impact on the economy include the state of the government and the new carbon tax, where you live, what stage of life you might be up to, your health and personal financial position. It’s not as simple as rates or the state of the economy alone.
So for some people, now is a good time to get into the property market and real estate agents are saying it’s a buyer’s market. And for people who are selling, you could look at it as a down market and hold tight, or you could see it from the point of view that there are a lot of buyers out there at the moment.
Winter is traditionally a slow time of year for both buyers and sellers but it’s now spring: the best time of the year for buying and selling.
Australian Property Monitors also reported this week that despite a delay in the traditional spring pick-up, both buyers and sellers are showing signs of increased activity.
With recent declines in property prices and a stable interest rate environment, conditions are set for an active but steady property market.
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