Peter Martin, economics correspondent of the Sydney Morning Herald, says buyers are deserting the Sydney property market at the rate of 1000 a month, causing real estate professionals to predict an "exhausted market" with prices plateauing for the rest of the year.
The number of loans to buy houses fell 27% between September 2009 and February 2010.
Bureau of Statistics figures show February was the worst month for home loans since 2001!
In NSW, in February just 2293 first home buyers took out loans compared with 5941 in July 2009.
The proportion of people who believe "now is a good time to buy a dwelling" fell from 62% in December to 42% in March. 27% of those surveyed now say the wisest use for savings is to pay down debt.
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