Record number to own first home

by Rachel Seymour 14/09/2009
First home ownership up

 First time home owners set new record as new data shows 200,000 Australians are expected to own a home for the first time this year.

Government stimulus packages and low interest rates are the driving forces behind so many Australian's owning property for the first time.

According to Australian Property Monitors, the Melbourne market recorded a 73.7per cent clearance rate from 737 Saturday auctions. Although clearances were down from the previous week's 80.4 per cent, almost 130 more properties were auctioned as the Melbourne spring selling season got into full swing. The most expensive sale was a four-bedroom home in Camberwell that sold for $1.87million.

 

Property analysts remain hopeful that house prices and new homes will remain stable.

Robert Mellor, managing director of property research firm BIS Shrapnel, is predicting price rises of around 4 per cent over the coming 12 months.

Mr Mellor said BIS Shrapnel was predicting between 15,000 and 17,000 first-home sales would occur each month for the next five months.




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source: The Australian
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