Century 21 Port Douglas Real Estate is part of the largest real estate sales organisation in the Asia Pacific region. Phil Holloway believes that recent increases in home loan approvals and dwelling price growth could suggest ongoing strengthening of the Port Douglas residential property market.
“Over the past month, a number of leading indicators have pointed to improving market conditions, which are encouraging signs leading into our wet season,” said Principal Phil Holloway of Century 21 Port Douglas.
“The Australian Bureau of Statistics recently released housing finance figures showing that the number of home loans approved in May lifted by a seasonally adjusted 2.7 per cent.
“In additional, RP Data-Rismark’s Home Value Index recorded a 1.6 per cent increase in July 2013, taking the cumulative recovery in capital city dwelling values to 6.5 per cent since May 2012.”
The Genworth Homebuyer Confidence Index, which measures homeowner sentiment among mortgage holders, surged 7.2 per cent over the July quarter to reach its highest level on record.
“These statistics, in combination, suggest that confidence levels may be rising which, in turn, could translate to increased buying and borrowing activity in coming months,” continued Phil Holloway.
“With the Reserve Bank reducing the official cash rate by another 25 basis points in August, there is a chance that many more buyers will step off the sidelines leading into spring,” concluded Charles Tarbey.