Home loan customers see house prices fall away
Article by Mozo
Some Aussie home loan customers have seen the value of their properties fall away in the past year.
According to new statistics released by RP Data, one in 20 households across the country are living in a building that is worth less than it was when they originally bought it, the Herald Sun reports.
By the end of September 2011, the number of negative equity cases grew to 4.9 per cent, having increased from 3.7 per cent half way through the year.
Researcher at RP Data Cameron Kusher told the news provider that properties in Victoria fared the best, with only 1.9 per cent of Melbourne homes worth less than they were originally purchased for.
"Victoria has been a stand-out performer, but it will be important to keep our eye on the employment situation," he commented.
Bosses at building developer Cedar Woods recently told the Australian Associated Press that despite the uncertainty surrounding the housing market, they believe that more projects will get the green light in 2012.
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