Already a subscriber?Worries about further interest rate rises and lack of mortgage relief are prompting some home buyers and investors to delay purchasing over the next six months, a Westpac survey has found.
“They have assessed the market and do not see value currently. I think a combination of reduced borrowing ability, higher prices and more options in the market have weighed on buyer demand.The Westpac survey found just 9.1 per cent of respondents expected to buy a home in the next six months. This is down from the 13.6 per cent last year and the lowest result since the survey started in 2019.
“Many investors that already own a property or two are the hardest hit with the higher rates and higher assessment rates the lenders are applying, forcing many to sit on the sidelines when they still want to invest.“We have been around for over 10 years as one of the more stable and established firms, and even our investor purchases are down by 35 per cent on the same time last year.
CoreLogic research director Tim Lawless said pent-up demand could fuel a rush in housing activity once interest rates come down.But the state of the economy would be key, according to Louis Christopher, SQM Research managing director.
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