According to the Housing Industry Association (HIA) and Commonwealth Bank Housing Affordability Index in March 2012, housing is progressively becoming more and more affordable in Australia. The affordability Index for the March 2012 quarter is actually 11 percent better than it was last year.
This certainly confirms that now is a great time to buy. Whats more, if you are buying your first home in Victoria, you should actually consider buying before 30th June – this is when the extra $13,000 currently available to First Home Buyers of new properties in Victoria will be discontinued.
March quarter has brought some improvement in earnings in conjunction with cheaper home loans and lower property prices.
The current climate of interest rate reductions is making potential buyers stop and take notice. Auction clearance rates are better than they have been for some time – even though it may be marginally so.