“It’s a difficult time for first home buyers, but there’s still some good news,” said PRD Real Estate chief economist Diaswati Mardiasmo, adding the average loan size has been edging down.
from their peak, on CoreLogic data. Several bank economists forecast peak-to-trough property price falls between 15 per cent and 20 per cent.
“We are in a bit of a transition in the market at the moment, and that can always create opportunities for first home buyers,” he said. “With more property on the market and less demand, it can be a good time for first home buyers to be ready.” “They’ve got to look at ways to increase their buying power too. Are there any grants or schemes or guarantor arrangements they can make use of, or receive help from parents or family members, or maybe they’re in a profession, like in the medical industry, where they can borrow more without mortgage insurance?”
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