Home loans: House prices rise in Q3

Friday 30 October 2009

Article by Mozo

A new report has indicated that Australian house prices rose in the three months leading to the end of September, which may be of interest to those looking to compare home loans.

The study, conducted by the Australian Property Monitors (APM), showed a 3.7 per cent increase in property values across the country throughout the September quarter.

Over the year, the country’s prices have seen a 7.1 per cent boost overall.

APM economist Matthew Bell remarked that this was, in part, due to an increase in purchases of high-end houses.

He also noted people who sold their homes while the First Home Owner Grant was on offer have been able to use the money to buy pricier properties.

Mr Bell predicted further growth across the market for the rest of the year and into 2010.

However, he said this may be affected by possible interest rate hikes.

’’The question as to whether this growth can be sustained throughout 2010 depends on how quickly mortgage rates rise in the next six months," Mr Bell remarked.

In related news, Australian Property Investor magazine recently highlighted some of the best suburban bargains.

According to the publication, those looking for home loans can acquire a property in Clarence City’s Clarendon Vale and Rokeby to Hobart’s east for an average price of $178,000.

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