Government figures have now confirmed what many of us have being saying for months… and that is, it is cheaper to buy than rent in some cases. It is the perfect time for those looking to purchase a home. Prices have stabled, rents are increasing and interest rates have dropped significantly over the last 8 months. This has created, along with the boosted FHOG, plenty of activity in the affordable hosuing market with anything under $600,000 being snapped up by interested parties. There are thousands more home buyers on the prowl at the moment and this is great for the stability of the property market in Australia.

While interest rates are low, and some expect it to go lower during 2009, now is the time to be house hunting with a pre approved mortgage so when you find a home that suites, you can bid confidently at auction or negotiate a private sale.

Good luck with house hunting!