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Home owners still manage to buy dream homes

In Australia, much of the talk centres around the high interest rates charged to property buyers or the struggling home values which are some of the most expensive in the world. Yet, through this, home buyers still buy homes and get their dream of ownership.

The Australian Bureau of Statistics 2008 Year Book shows that the number of properties (of any type) financed each year since doubled each year from 1994 on. In the 2006 to 2007 year, some 681,000 properties were financed. In the 1994- 1995 year, 348,000 homes were finance, nearly doubling the figures in this nearly 20 year span.

While this is good information, the report also showed property values in comparisons. In 2006 to 2007, home buyers financed on average $230,000 in comparison to $90,000 in 1994 to 1995.

Affordability is still a large factor here and the government is looking for ways to address it. The "First Home Saver Account" is one way they hope to do this. The account is targeted at younger Australians who will become home owners in the future, more than likely. Those that save through this program will are helped by a government contribution that is equivalent to 15 per cent discount on the marginal tax rate.

Home ownership has long been a goal of Australians, yet many fear that the newest generations may have difficulty getting into affordable, quality housing due to soaring values.

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