Business
Home-buyers stretch their budgets to avoid asking for more cash later amid a rising property market – Domain News
Property prices are soaring and strong auction results have left underbidders stunned. Buyers are turning to a boom-era strategy to beat the competition.
Potential home-buyers are trying to borrow as much as they can before turning up at auctions amid a rising property market to avoid missing out and having to ask for more cash later.
Some bidders have been taken by surprise by the sharp jump in housing prices over the last few months, fuelled by ultra-low interest rates, government grants and a recovering economy.
Mortgage brokers and estate agents have seen disappointed underbidders with a limited budget go back to the bank and try to increase…
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