Time to buy in oz?

According to Australian home loan lender, the Resi Mortgage Corporation, there has not recently been a better time to buy property in Australia...

There are several reasons for this. The cost of borrowing is at a record low, house prices are falling, and the demand for renting is rising.

Although it may seem that the property market is drowning along with all other investment options today, it still offers opportunities for clever buyers.

The Head of Consumer Advocacy for Resi, Lisa Montgomery, said, "For those savvy borrowers who have already been doing their homework, in the current climate, the property market certainly offers a less volatile and viable long-term investment option."

Elements such as a greater range of mortgage deals mean that Resi also expects a greater influx from the first home buyer market until the end of June 2009. The lender has also seen an improvement in consumer sentiment and a concomitant increase in housing finance demand, precisely because of the plunging property prices.

Both first-time owners and investors now have home buying opportunities that would not have been available five years ago. Indeed, this provides a sense of hope not only for the economy, but also for those wishing to take their opportunities while they can.

Although economic recover is still a long way in the future, there has never been a better time to buy property. The only requirement is finding the best possible investment that will prove favourable once the economy recovers.

Source: www.hotproperty.co.uk