Home loans help to bolster improving housing market
People looking for low interest home loans may be keen to learn that house prices have increased throughout Australia.
According to the RP Data Rismark Home Value Index, growth has been seen nationwide up to July this year, with Darwin experiencing the largest rise of 10.8 per cent.
Meanwhile, Melbourne house prices reached $454,524, representing a climb of 8.5 per cent and Sydney’s values were up by 6.6 per cent, with the average price being $537,396.
The authors of the research pointed out that the residential market has performed better than that of major western countries and stated this was, in part, thanks to support from low home loans default rates.
Commenting on the results, Rismark managing director Christopher Joye said: "Home values are now increasing steadily in all areas including Australia’s most expensive suburbs.
"We believe the housing market will grind out further modest gains over the course of the next 12 months."
It was recently asserted by David Redfern, managing director of DSR Asset Management, that new visa regulations could encourage more people to settle in Australia, therefore having a positive effect on the housing market and home loans.
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