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Buyers more cautious now than in 2009

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Monday, 26 September 2011

Jessica Darnbrough

Australians are more worried now about the state of the economy than they were during the depths of the GFC.

Research from RFi shows people are being particularly cautious when it comes to borrowing, with many preferring to save their money instead.

“What is interesting to note is that many Australians are choosing to save for no particular reason. They have no savings goal. They just want to save in a bid to help them feel more comfortable about the future,” RFi director Alan Shields told Real Estate Business.

According to Mr Shields, prolonged interest rate stability is having a negative impact on consumer confidence.

“We are at a place now where the RBA has not moved for the best part of a year and that makes people nervous – it creates uncertainty.”

In addition, the constant negative news stories spilling out of the United States of America and Europe are adding to growing buyer pessimism.

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0 #1 Lydida 2011-09-26 12:09
Auction results are not to be construed as the only guide to the property market. Private Sales must be taken into consideration when analyzing the property market. Also, not all auction results are posted. Purchasers are preferring to purchase by private sale to eliminate the pressure of attending an auction. Purchasers are more cautious but in a positive manner so as gain more control of the sale terms. Property institutes and organizations do not hold all the facts and figures therefore, misleading information is being provided to the public on a broad scale, thereby placing skepticism where it is not justified on a market that is not dormant. Auction activity has dropped significantly but remember private sales have increased in many areas.
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