Properties 'are becoming more affordable'
Australian properties are becoming more affordable, according to the Housing Industry Association (HIA).
The HIA-CBA Housing Affordability Index was up by 5.3 per cent in the September 2012 quarter, which represented an impressive 15 per cent rise on the corresponding period in 2011.
Indeed, this was the seventh consecutive quarter when property became more accessible to Aussies and HIA chief economist Harley Dale said homes in some areas have reached levels not seen since the "early 2000s".
This is great news for mortgage customers, as many have been priced out of the market in the past and some people have been taking drastic measures to find a dwelling that is within their price range.
The Sunday Telegraph reported that some house hunters in New South Wales have camped outside land-release offices for more than a week to ensure they were at the front of the queue when inexpensive new plots went on sale.
"Housing affordability has been improving on the back of steadily growing incomes, falling interest rates and easing dwelling prices," Mr Dale remarked.
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