HIA: Great Time to Buy a New Home

The Housing Industry Association (HIA) said the boost to the First Home Owners Grant, record low interest rates and relatively stable house prices have combined to make housing the most affordable in seven years, according to the HIA-CBA First Home Buyer Affordability Index.

The HIA-CBA First Home Buyer Affordability Report revealed a 14.6 per cent improvement in affordability for the March 2009 quarter which came hot on the heels of a 40 per cent surge at the end of 2008.

HIA's Chief Executive - Association, Chris Lamont said, notwithstanding current economic conditions for many aspiring home buyers there has never been a better time to enter home ownership.

Over the March 2009 quarter the average home loan repayment fell by 11 per cent to $1,831 per month, significantly lower than the previous amount of $2,056. A further improvement in affordability is expected in the June quarter.

19 May, 2009

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