Australia homebuyers 'looking away from city'

Homebuyers in Australia are finding it cheaper to purchase further away from central areas of cities, it has been revealed.

A study by Bankwest-Mortgage and the Finance Association of Australia (MFAA) found that buyers have been increasingly looking to acquire less expensive homes, even if it means a longer commute into city centres.

The survey discovered per cent of first-time buyers are looking to acquire a property for less than they originally intended in order to get on the housing ladder, with 31.3 per cent saying they were intending to do this by living further from central business districts.

Those planning on investing in Australia may find that areas in the outer suburbs of cities turn out to have the best value homes.

Senior project manager of residential property at BIS Shrapnel Angie Zigomanis told the Sydney Morning Herald earlier this month that he expects house price rises to be steady next year, with interest rate increases preventing runaway inflation in the market.