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More Australians may soon be able to afford to buy homes

As house prices start to ease, a greater number of Australians may soon be able to get a foot on the ladder.
As property prices in Australia start to ease off at last, there may be a chance for those youngsters who have been locked out of the market to get themselves a piece of the action at last.

The rising valuations in recent times have meant that there has been a rise in Australians having to rent, with many saying that they could not afford to raise the sort of deposit they needed to get on the ladder.

However, according to new figures released by Australian Property Monitors, prices in the first quarter saw their slowest rate of increase for a year.

Across the nation, prices grew by just two per cent on average during the first three-month period of 2014.

Australian Property Monitors' Andrew Wilson, senior economist, said that it was a lack of affordable properties for new buyers that had helped to see price growth slow.

“The Sydney boom has well and truly faded with house and unit price growth the lowest rate since March last year," he said. 

“The moderation of boomtime results in Sydney can be expected to continue as emerging affordability barriers and declining investor activity impacts on the market.”

Posted by Steve Douglas

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