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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.
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.
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