Property prices 'remained stable in February'

Saturday 02 April 2011

Article by Mozo

Aussies considering heading online to compare home loans might be encouraged by recent figures showing the price of property remained stable in February.

House prices 'were stable in February'

The RP Data Rismark index revealed that prices in Melbourne fell by 1.8 per cent, while in Sydney they rose by 0.3 per cent.

Senior research analyst for the firm Cameron Kusher commented: "When you consider that Australian inflation was 2.7 per cent in the year to December 2010, in real terms Australian residential property values have been declining, which is a good outcome for prospective buyers."

He added that the last three months have been "difficult ones" for the sector because of the interest rate hike in November 2010 and the recent natural disasters.

This comes after Dean Rushton, chief operating officer of Loan Market, told the AAP that Aussies should try to get at least five per cent of the price of the house as a deposit before searching for home loans.

He noted that 100 per cent finance for property is almost impossible to find at the moment.

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