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Author: Real Estate Institute of Australia
According to the Real Estate Institute of Australia (REIA), the value of loans for housing continues to be positive with the increase being driven by owner occupiers.
figures were revealed by the December 2019 Lending to Households and Business
figures released by the Australian Bureau of Statistics.
President Adrian Kelly said the value increased in all states and territories
the figures for December 2019 show, in seasonally adjusted terms, that the
value of owner-occupied finance commitments, excluding refinancing, increased
by 5.1 per cent for the month and 17.9 per cent for the past year,” Mr Kelly
of investment housing commitments, excluding refinancing, increased by 2.8 per
cent in December and is the third consecutive month of increases contributing
to an increase of 4.9 per cent for the year.”
a drop in the previous three months the number of loans to owner occupier first
home buyers increased by 6.2 per cent in seasonally adjusted terms and 21.3 per
cent for the year.
said the number of first home buyers increased in all states and territories
proportion of first home buyers, as part of the total owner-occupied housing
finance commitments, excluding refinancing, was 30.2 per cent,” Mr Kelly said.
introduction of the First Home Loan Deposit Scheme in January 2020 we can
expect a pickup in the January figures as well.
finance commitments for December reflect a continuing interest and boost in
confidence in all buyer segments of the real estate market at the close of
REIWA President Damian Collins said from a WA
perspective, things are starting to look up in the property market.
“The value of new loan commitments in the state rose
14 per cent in December 2019 compared to the previous year, with owner occupied
loans increasing 15 per cent,” Mr Collins said.
“In addition, WA has also seen an increase in the
number of first home buyers and according to the latest report from ABS, WA had
the largest proportion at 43.2 per cent compared to other states and
“With the 75 per cent rebate on off-the-plan
apartments, combined low interest rates and the First Home Loan Deposit Scheme,
buyers are in a prime position to take advantage of the Perth property market
and get into their new home sooner.”
Are you looking to buy and not sure where to start? Check out our first home buyers guide for some helpful tips.
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