Property prices are falling, so where have Sydney’s first home buyers gone? | Kate Burke heagney_melissa
First home buyer activity in NSW has dropped to its lowest level in years amid the property market downturn.
More first home buyers are sitting on the market sidelines as interest rates rise and property prices fall.Predictions for sizable price falls have prompted some to put purchase plans on hold and continue saving in the hope of securing a better deal next year. The number and value of loans were down by more than 40 per cent year-on-year, based on seasonally adjusted figures, and had fallen about 18 and 17 per cent, respectively, since April – the last month of the record-low cash rate. They comprised a quarter of new home loans in July, down from almost a third the previous July.
“While the prices of property are declining I don’t know if it’s going to be better to wait in the long term for them to really drop because, as they drop, the interest rates are going up. At the moment I’m trying to wait it out … but I might miss the boat,” he said.
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