PHOTO: Apartment buyers
Experts say now may not be the best time to buy property, according to Finder, Australia’s most visited comparison site.
In this month’s Finder RBA Cash Rate Survey™ – the largest of its kind in Australia – 43 experts and economists weighed in on future cash rate moves and other issues related to the state of the Australian economy.
While all experts surveyed expect a cash rate hold in July (43/43), just one third of respondents (15, 35%) said that now is a good time to buy property.
Another third (13, 30%) believe that buyers should sit tight and wait for the property market to settle, while the others were unsure (15, 35%).
Cooke said recent reports have indicated that 1 in 10 apartment buyers who purchased off the plan are choosing to default on their loans.
”This is the most shocking report I have seen since the onset of COVID-19. It is a huge decision to default, as it means losing your deposit.”
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