Good opportunity to snap up a bargain

Claire Heaney from the herald sun has written an interesting article about whether the hesitation from property investors is leading to bargains in the market. From the article:

NERVOUS property investors are waiting for prices to stop falling before returning to the market, according to property research company RP Data.

But this hesitation is creating bargains for fast-acting first-home buyers who are willing to take a bet that prices are at or close to their lowest point.

“This is good news for first-home buyers, because fewer investors mean less competition,” RP Data’s national research director Tim Lawless says. “These two segments of the market often compete for the same housing stock because of the low entry price and generally strong rental yields.”

Figures released this week show Melbourne homes are now at their most affordable in five years for first-home buyers. Falling interest rates, higher first-home buyer grants and falling property prices have cut the amount of income needed to service a mortgage.

Read the full article here: http://www.news.com.au/heraldsun/story/0,21985,25074653-5013926,00.html