Tougher loan terms are forcing buyers to play hardball with sellers.
Anthony Bilston feared being priced out of the housing market until his high-risk final low-ball offer was accepted this month for a four-bedroom home in Carrum Downs, a south-eastern Melbourne suburb.
“Two years ago I was fearing we’d never find a home in this area,” says Anthony. “We’d go to an open house which would be full of potential competitors. Now there’s hardly anyone at an inspection.” He and Jayde are both store managers.Buyers’ agents claim tougher market conditions enable those with a big deposit and arranged finance to negotiate a deal more easily, with sellers fearing falling prices and fewer buyers.
AMP and other leading analysts, such as global investment bank Morgan Stanley, are tipping a 15-20 per cent top-to-bottom fall in average home prices. CoreLogic’s head of research Eliza Owen adds: “It looks like the downturn is ramping up a bit across these suburbs, with higher listings volumes, properties taking longer to sell and property values declining.”Its analysis shows that in the past two years house prices have moved from annual gains of around 22 per cent to falls of more than 10 per cent. Apartment prices have moved from gains of 15 per cent to losses of more than 5 per cent.
Mortgage refinancing rose more than 8 per cent to a record $19.5 billion in the year to November 30 as borrowers shopped around for a better deal, according to analysis by RateCity, which monitors interest rates. Joanna Boyd, a buyers’ agent in Brisbane, says cash payments or pre-approved loans provide a “quick and transparent transaction”.
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