The Real Estate Institute of Australia and Mortgage Choice’s quarterly Real Estate Market Facts publication has revealed a decline in median house and other dwelling prices.
The report showed that both house and other dwelling median prices declined in the September quarter, on average, by 0.5 per cent to $533,447 and $424,499 respectively.
REIA president David Airey while the cash rate remaining unchanged over the September quarter, housing affordability levels had declined.
“This is not only affecting current house purchasers but also new buyers trying to enter the property market”, Mr Airey said.
Mortgage Choice senior corporate affairs manager Kristy Sheppard said the data also showed the popularity of fixed rate home loans was on the rise throughout the September 2010 quarter, making up 3.7 per cent of all new loan approvals.