Capital city house prices decline 2.4 per cent

Wednesday 28 September 2011

Article by Mozo

Aussies considering going online to compare home loans may want to consider purchasing a property in one of the capital cities, as a recent study has revealed that prices have declined.

Capital city house prices decline

National Australia Bank (NAB) reported that the cost of accommodation in these locations dropped 2.4 per cent in the three months to September.

The survey revealed that one of the biggest concerns for potential buyers is the affordability of homes.

It also showed that there was a great concern over the prices asked for newly built properties in the country.

Alan Olster, NAB chief economist, commented: "A structural shortage of housing remains nationally, commencements are down, interest rates are expected to stay on hold for some time and the unemployment rate is low, contributing to high job security."

This comes after figures from the Royal Bank of Scotland revealed that 93 per cent of new loans to owner-occupiers were from banks, the Sydney Morning Herald reported.

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