what is the lowest rate

Hello,

I have read the various threads on here for a while. Lots of articles about property slumps etc. It seems to me that (in melbourne) the prices have decreased in areas that have quite high values (ie toorak, cantebury etc) my question is, in the bottom end of the market (ie around 300k mark) have prices gone down, maintained or gone up. my thoughts are that since this is where a lot of first home buyers enter, there is a good base to support prices from falling but at the same time, there will be little growth.

anyway - my main reason for writing this is what is the lowest interest rate available ? the lowest I could find today was 6.92 from mecu on the ratecity website. I dont have a property and the different between my rent and what i would pay on a mortgage is now very small and in a few months time it could amounts could be the same - so in that case you may as well buy a property if the mortgage repayments are not costing you any extra. is this a good idea ?