The number of property listings surged for the fourth straight week as vendors took advantage of the renewed interest among first homebuyers, a new report from RP Data has revealed.
RP Data senior research analyst Cameron Kusher said combined new listings for houses and units during the week of 16 October jumped by a whopping 2,008 compared to the previous week, to 13,766.
Kusher said continued interest rate cuts and the recent First Home Owner Grant boost have contributed to the 17% national increase.
"This rise is quite a lot compared to the usual weekly increases of 500 properties or so. The doubling and tripling of the First Home Owner Grant and the 100 basis point interest rate cut by the RBA has encouraged a lot of vendors to try their luck selling their property for the first time, where they may have held off before," Kusher explained.
""So, for investors in a good position they may be able to snap up a bargain if they're prepared to negotiate and not deviate too much from their price range."
"Inner city areas such as the suburbs of Darwin and Melbourne, and even Dee Why and Cronulla in Sydney, are good places to look for a bargain now," Kusher said.
"Source: Your Mortgage Magazine 31/10/2008
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