According to The Australian Financial Review, assertions by Reserve Bank governor Philip Lowe that first-home buyers and upgraders are returning to the property market have been called into question by those in the industry, who say buyers remain thin on the ground.
"What we do see in the housing market lately is an increasing number of people saying it's the right time to buy a home," Dr Lowe told The Australian Financial Review Business Summit on Wednesday.
"Investors still aren't coming back in significant numbers, but first-home owners and upgrade buyers are starting to think, 'well, maybe, with lower prices, I can enter the market'," he said.
While selling and buyers' agents alike say that now is a good time to buy – Sydney prices are down 13.2 per cent and Melbourne's down 9.6 per cent since they peaked – they say negative sentiment continues to weigh on potential buyers.
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