Century 21, the largest real estate sales organisation in the Asia Pacific region, believes that the increase in dwelling finance commitments over September 2012 could indicate further strengthening in the residential property market.
According to recently released figures by the Australian Bureau of Statistics (ABS), the total number of owner occupied housing commitments increased by 0.9 per cent (seasonally adjusted) in September, following an upwardly revised 2.1 per cent rise over August.
“A lift in housing finance approvals over the past two months is pleasing to see, and there is a strong possibility that there will be further improvements over the remainder of the year as the impact of the Reserve Bank’s rate cut in October becomes evident,” said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
The ABS data showed a rise in finance acquired by first home buyers, with the number of first home buyer commitments as a proportion of total owner occupied housing finance commitments increasing to 19.3 per cent in September from 18.6 per cent in August.
“Moving forward, we may see further lifts in first-home buyer activity as relatively low interest rates and recently introduced first-home owner benefits continue to encourage purchasers to enter the market – particularly with the preference of many to conclude their property transactions prior to Christmas,” continued Charles Tarbey.
“The residential property market continues to present attractive purchase opportunities for buyers across the board, with a good deal of high-quality properties spanning a number of price brackets.
“For those that are financially positioned to act and have done the required research, now might be a prime time for them to approach their local real estate agent and mortgage broker to discuss appropriate purchase opportunities and financing options,” concluded Charles Tarbey.