It seems as though the property bubble has burst for the time being, as mortgage brokers have reported a 20% drop in loan numbers.
John Symonds managing director of Aussie Home Loans has reported a 20% cent drop in home loans over the past four months due to the market being down by 20% in volumes.
With the market in a cooling stage, it seems as though things are changing towards being a buyer's market especially for buyers seeking properties above $700,000 or $800,000.
Mr Symonds also stated that Australia's housing market had passed the peak of the cycle and would most likely continue to drop over the next six months.
For houses closer to the city in the $600,000 or $700,000 price bracket things were still quite good as you still have the first home buyers and small investors vying for these properties.