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Dwelling sales topped $209 billion over the 2007 financial year according to the Real Estate Institute of Australia’s (REIA) annual summary – the highest ever recorded for a one year period.
While first home buyers and investors made a tentative return to the housing market over the year, their numbers were still relatively subdued, the summary said.
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Housing affordability over the 2007 financial year declined by 8.3 per cent. Rental affordability also dropped, with vacancy rates tight across the country – pushing the average rent up by 12 per cent.
