Buyers wait for bargains as Australia's housing market hits long slide
Prices across Australia fall for 11th month in a row and while it’s bad news for investors, first home buyers are biding their time
Five years ago banks were “falling over each other” to give out loans says the Sydney-based IT executive Karl Slice, who bought his first investment property 15 years ago. He currently has six properties in his portfolio across Sydney, Melbourne, and northern Queensland.
But after roughly six years of uninterrupted, breakneck growth, Australia’s housing prices are falling, and the noises from the lenders have changed. The difference between now and five years ago, Sice says, is like “chalk and cheese”.Continue reading...