The housing market may be at a turning point for first home buyers as mortgage interest rates take a breather from recent rises and prices at the bottom of the market continue to fall. The table below shows how much lower quartile prices have declined from their peaks in each region. The amount needed for an 80% mortgage declined from $772,800 to $688,000, down $84,800, over the same period. In November last year the average of the two year fixed mortgage rates charged by the major banks was 4.08%. If that trend continues, first home buyers will be in the money with a winning hand of lower prices, lower deposits, smaller mortgages and lower mortgage payments.

Source: Stuff August 26, 2022 12:35 UTC