Home loans customers 'could see house prices rising'

Those looking for low interest home loans may be interested to hear house prices in Australia could begin to rise.

According to AAP, AMP Capital Investors chief economist Shane Oliver explained recent figures suggest the property market could soon be on the up.

The Australian Bureau of Statistics revealed house prices in Sydney were up by 4.9 per cent in the second quarter, with the biggest rises seen in Melbourne at 5.2 per cent.

On average, values were up 4.2 per cent across the county, down 1.4 year-on-year.

It may encourage buyers to step up their search for home loans to help make their move before the market recovers further.

National Australia Bank senior economist David de Garis told AAP the action from the federal government combined with low home loan interest rates were both contributing factors to the surge in the housing market.

In other news, consumers were recently told a number of banks were to help them deal with the financial downturn by slashing fees.

This article is brought to you by Mozo – Helping you compare home loans