Century 21, the largest real estate organisation in the Asia Pacific region, believes that the moderate improvement seen in mortgage lending over October 2011 could be indicative of strengthening in the Australian residential property market.
“Housing finance data released by the Australian Bureau of Statistics shows that the number of owner occupied housing commitments increased by 0.7 per cent in October as compared with September 2011,” said Owner and Chairman of Century 21 Australia, Charles Tarbey.
“Although slight, this upwards movement is positive news for the residential property space and we expect that further improvements will likely be seen over coming months as the impact of recent cuts to interest rates becomes evident.”
Of note, the figures from the Australian Bureau of Statistics showed that the number of first home buyers obtaining a mortgage as a proportion of total owner occupied housing finance commitments had risen – from 16.4 per cent in September 2011 to 17.9 per cent in October 2011.
“Century 21 Australia is certainly starting to see a lift in activity in the first-home buyer market, as we suspect recent cuts to rates have encouraged many of those Australians who have been considering a purchase for some time to act,” continued Charles Tarbey.
“Along with first time buyers, the residential property market continues to offer attractive purchase opportunities for buyers across the board who are financially positioned to act and have done the appropriate research.
“For those in such a position, now may be a prime time to sit down with your local real estate agent to discuss the appropriate purchase opportunities available in your area or others,” concluded Charles Tarbey.