Australian housing market 'holding up despite recession'

The Australian housing market has proved to be particularly resilient during the downturn, two of the largest property research groups in the country have agreed.

Australian Property Monitors and RP Data have each said that the sector has been remarkably buoyant in recent months taking into account the depressed state of both the national and global economies.

Home loans figures have remained stable over the first quarter of 2009, as more people look to get on to the property ladder.

"Housing and unit figures show a surprisingly resilient residential property market amidst the global and domestic economic turmoil," APM economist Matthew Bell told the Daily Telegraph.

Meanwhile, treasurer Wayne Swan recently announced that the first-home buyers grant is to continue running until November.

So far, the scheme has assisted almost 60,000 Aussies to purchase their first home and has helped to stimulate the economy by encouraging more people to build their own property.

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