Housing affordability is within reach for many, for the first time in quite a while.

With historically low interest rates and stable housing prices looking set to stay for a while, national mortgage broker Mortgage Choice recommends renters reassess their long-term property goals.

The median weekly asking rent for a house in Sydney, Australia's most expensive capital city, is $450 per week or approximately $1950 a month.

In comparison, a $300,000 home loan with a basic interest rate of 5.26% per annum over a 30-year loan period would be $1658 per month in repayments.

This is a notable initial saving, although potential home buyers do need to factor in ongoing expenses associated with property ownership such as mortgage insurance, council rates, strata fees, maintenance and repair work, etc.

Mortgage Choice Senior Corporate Affairs Manager, Kristy Sheppard suggests that renters should consider moving into property ownership, whether to buy a home or an investment property.

"At present, opportunities are fantastic for potential property owners who are confident of their job security and/or financial situation.

"The historically low interest rates, Government incentives such as the First Home Owner Boost, low rental vacancy rates and continuing high levels of population growth are all positive factors for Australians looking to buy a property," said Ms Sheppard.

"Those who are currently renting are paying their landlord's mortgage repayments when in fact they could be paying their own.

The idea of earning a rental income of their own can also be a motivation for many renters to make the move into property ownership.

"Purchasing a property in today's `buyers market' should give current renters a great start to their property portfolio and help them make better use of their income", Ms Sheppard suggested.

"Building assets now will help them to get ahead in the long term."

The Bureau's preliminary estimates show the price index for established houses for the weighted average of the eight capital cities increased 1.1 per cent in the March quarter 2008.

The capital city indexes rose in Melbourne (up by 4.1 per cent), Brisbane (up 2.8 per cent), Adelaide (2.1 per cent) and Canberra (up by just 1.0 per cent). These rises were balanced by falls in Sydney (down by 1.5 per cent), Darwin (down 1.3 per cent), Hobart (0.7 per cent) and Perth (0.6 per cent).

Over the year to March quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities rose 13.8 per cent.

Annually, the capital city indexes all rose, particularly in Melbourne (up 25.9 per cent), Adelaide (a rise of 21.6 per cent) and Brisbane (up 20.8 per cent). Canberra recorded a rise of 14.4 per cent, Hobart 8.2 per cent, Sydney 7.1 per cent, Darwin 4.9 per cent and Perth 0.6 per cent.