Century 21, the largest real estate sales organisation in the Asia Pacific region, believes that the lift in home loans approvals over February 2013 could point to a further strengthening of Australia’s 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 two per cent (seasonally adjusted) in February, following four months of declines.
“While it’s early days, a lift in housing finance approvals over February is good news for Australia’s residential property market, and comes at a time when other sectors of the housing industry are also showing signs of improvement,” said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
“In recent months, we have seen notable increases in capital city dwelling values, buyer enquiry levels and auction clearance rates, as well as less discounting by vendors. These figures, in combination, should send a positive message to prospective buyers who may be looking at entering or re-entering the market.”
The ABS data showed that finance approvals for new houses rose 1.5 per cent in February, while approvals for new homes and established homes jumped 0.6 per cent and 2.1 per cent respectively.