Century 21 Port Douglas Real Estate believes that the increase seen in mortgage lending over July 2013 could foreshadow further improvements within Australia’s residential property market.
According to Phil Holloway – Principal and Licensee of Century 21 Port Douglas Real Estate “Housing finance data released by the Australian Bureau of Statistics (ABS) shows that the number of owner occupied housing commitments increased by a seasonally adjusted 2.4 per cent in July as compared with June 2013,”
“This upward movement is positive news for the residential property market and we believe that further improvements could be seen over the coming months as the impact of the August interest rate cut becomes more evident.”
The ABS’ figures showed that the number of loans for the purchase of new homes increased by a seasonally adjusted 5.9 per cent in July 2013, to be up 52.1 per cent on July 2012.
Recent statistics from RP Data also highlighted robust auction activity in several key markets around Australia, with Sydney and Melbourne recording auction clearance rates of 84.3 per cent and 73.6 per cent, respectively, over the weekend.
“While no one can predict with any degree of certainty how Australia’s residential property market will play out over the coming months, the latest housing finance, dwelling value growth and auction clearance rate statistics are certainly encouraging signs as we move further towards the end of 2013,” concluded Phil Holloway.