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First home buyer environment improving

By Liam O'Boyle

First home buyers looking to enter the real estate market in Victoria can take advantage of low interest rates and below average property prices.

Real estate in the city of Knox is such a place where more and more buyers are flocking to take advantage of the lower home values.

The Real Estate Institute of Victoria's (REIV) chief executive, Enzo Raimondo said those interested in entering the market have reasons to be optimistic.

He commented: "There are three reasons to be confident about prospects for the market in 2013: consumer confidence levels are above this time last year; the clearance rate is higher than this time last year; and overall prices have been stable."

"Affordability is at reasonable levels with prices remaining below their peak and interest rates at historical lows."

Mr Raimondo added that the 18 per cent increase in first home buyers entering the real estate market in 2012 is a sign that the market is improving.

The first of January will see stamp duty cut by 30 per cent so the property industry is only going to get more hospitable over time.

He concluded by saying that if confidence in the sector grows, it will encourage more people to enter the market.

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