Metro housing market sweet spot under $650,000: John Symond

The top end of the housing market in the major metropolitan regions will continue to struggle in 2012, according to Aussie Home Loans founder John Symond, who is seeing signs of life at the more affordable end of town.

“We have seen the property market show some signs of life in recent times because first time buyers and property investors seem to be out there in the price range of $600,000 and $650, 000,” he says in a video on Aussie's YouTube channel.

“So I think the lower price range in the metro cities is going to be active as the months go by; but certainly the higher priced properties are still going to struggle in finding buyers.”

And following on from him re-appearing as the face of Aussie advertising and once again urging borrowers to consider alternatives to the major banks, Symond urged borrowers to see beyond the current marketing spin of NAB.

Symond dismissed NAB’s pledge to offer the standard variable rate of all the major banks throughout 2012 as ‘more clever marketing then substance”.

“When you look at the lowest standard variable and the highest standard variable [of the major banks], you’re only talking a couple of basis points,” he says.