A different spring market this year, bank says

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The spring buying and selling season has arrived, but don’t expect it to look the same as previous years.

That’s the message from ME Bank head of home loans Patrick Nolan, who has predicted less activity in the market from investors but more activity from first-home buyers.

He told realestate.com.au that tightened lending rules and first-home buyer incentives including stamp duty concessions would affect the market.

“This season will be different from previous years in that we won’t see as much investor activity due to APRA (Australian Prudential Regulatory Authority) regulations curbing the amount of investor and interest-only loans banks can lend,” Mr Nolan said.

“As a consequence, owner-occupiers will experience less competition from investors and benefit from competitive lending rates.

“First-home buyers will be particularly motivated by recently introduced incentives … we’ve already received noticeable interest from first-home buyers.”

Read more at realestate.com.au. https://www.realestate.com.au/news/firsthome-buyers-to-have-spring-in-step/?rsf=syn:news:nca:hs:socref

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