Home loans news: Aussie housing 'still affordable'

Monday 14 September 2009

Article by Mozo

People looking for low interest home loans may be pleased to hear that there are still affordable housing options open to them.

This is according to new research from the National Australia Bank (NAB), which recently conducted research into the house prices of many Australian cities.

It found that many suburban properties are still priced below $500,000. In fact, the study suggested that homes could be purchased for less than this amount in over 1,200 areas.

Adelaide was found to be the most likely to have properties on the market at this rate, while Brisbane and Melbourne have patches close to the cities with affordable housing.

NAB personal banking general manager of mortgages Steven Shaw commented: "With this research showing there are still a significant number of affordable properties nationally, it indicates property ownership in our major cities is more achievable for Australians than previously perceived."

The finding of the report may be pertinent for those acquiring home loans, including first-time buyers, upgraders or investors, Mr Shaw added.

According to RP Data residential property sales increased during June, when the number of house sold reached 130,000.

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