House prices now lower

A property report has determined that home affordability is better now than it was a year ago. To own your home has become even harder over the past couple of months due to the index reducing by 5.1 per cent to 152.5 points in the June quarter from 161 index points in the March quarter.

Harley Dale chief economist from HIA stated that house prices rose as demand increased, ahead of an expected lift in the supply of new houses in the second half of 2009. Dr. Dale stated that low interest rates and a recovery in home building as well as a wind back in the boost to the first home owners grant would keep some pressure off house prices.

Australian Bureau of Statistics data has shown that total building approvals have risen 17.69 per cent between January and June this year. The report also showed that households required a yearly income of $79,300 to buy a median first home price of $419,900 with a mortgage of $336,000.

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Published on August 8-th, 2009 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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