John Symond has come out in agreement with Governor of the RBA, Glenn Stevens’, position on the state of the Australian housing market in his Anika Foundation speech at Macquarie Bank on 24 July.
Symond, the Chairman and Founder of Australia’s largest Mortgage Broker Aussie says: “Repayments are now at their lowest in years on the back low interest rates, income growth and lower house prices and loans sizes.”
“I particularly endorse the RBA’s optimism and agree that arrears have remained low or have even seen some decline in the last year, while house prices are now somewhere around their 2004 levels. The likelihood of the so-called ‘bubble’ bursting seems low, in my opinion.
“Now really is an opportune time for first home buyers to consider getting in to the market, especially with the chance of further rate drops in the coming months.
Both variable and fixed rates look appealing, and with an increase of houses on the market combined with positive economic indicators, it provides a great environment to invest in your own place rather than pay someone else’ s rent if you can afford it,” Symond concludes.