Australian buyers return to market
After a quiet December and January in Australia, property buyers returned to the market in their droves last month, with the country's largest mortgage broker reporting a 27% spike in mortgage sales.
The AFG Mortgage Index shows the company sold 7,121 mortgages, worth over $2 billion across the country in February - a significant 27% increase on January sales. Positive figures were recorded in all states, with already red-hot WA registering a 14% uplift, Queensland 20%, Victoria 30%, South Australia 36% and New South Wales increasing a massive 50%.
Of more long-term significance, the number of mortgages sold was also 24% higher than in February 2005, with AFG sales in every state outstripping those recorded a year ago.
|Malcolm Watkins, Executive Director of AFG says: ‘We always expect a bit of bounce in the February figures, after people come back from their Christmas holidays. But what we're seeing this year is of greater significance, especially given the subdued sentiment last year towards property in Eastern States. The figures for New South Wales and Victoria in particular provides more evidence that confidence is starting to return to the property sector.'
AFG Mortgage Index also shows that 28% of all new mortgages were sold to property investors, as opposed to owner occupiers. Property investment continues to peak in Western Australia where just over 38% of all new mortgages are for investment properties.
Turning to mortgage types, while most people opt for basic or standard variable mortgages, the number choosing Fixed interest rate mortgages remains higher than for most of last year, at 17%, suggesting just under a fifth of people are concerned by the prospect of interest rate hikes.
AFG is Australia's largest mortgage broker and has 8.2% of the national market (Source: ABS and AFG statistics).
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||Solid auction sales in Sydney|
Another great result was seen across Sydney real estate auctions last weekend, the clearance rate reached above 70 per cent for the third consecutive week.
||Interest rate unchanged Down Under|
The Australian property market got off to a good start at the beginning of the year which no doubt prompted the Reserve Bank to leave the cash rate unchanged at 3 per cent.
||Melbourne home buyers out in force|
Following the excellent results of last weekend’s property auctions local property experts believe the Melbourne real estate market is on the mend.
||House price recovery edges forward Down Under|
Despite a slight fall of 0.5 per cent in the final quarter figures for new home lending for construction and sale of new homes a rise of 1.4 per cent was recorded during December suggesting a much needed improvement for the Australian property market.
||Lift in new home sales Down Under|
2012 was a year of mixed results for the Australian real estate industry but recently published figures for December show a rise in new home sales for the third month in a row.
||Robust recovery ahead for Melbourne homes|
According to many commentators the Melbourne sector of the Australian real estate market was going to crash and burn during 2012 but recently published figures pour cold water on those theories.
||Home rental costs up Down Under|
Growing demand for residential rental properties has pushed prices higher in this sector of the Australian real estate business.
||Better results for Oz real estate industry|
The number of new home starts began to pick up during the latter part of 2012 according to the results of the third quarter figures supplied by the Australian Bureau of Statistics.
||Moving in to Melbourne a pricey business|
Young house hunters looking to pick up a bargain among the listings of the Melbourne real estate market are unlikely to strike gold according to local agents.
||New home sales up Down Under|
A new report highlights the improvement in new home sales throughout the Australian real estate market.
||Sydney real estate revival|
Sydney real estate prices increased by 1.5 per cent during 2012 - fuelled mainly by a strong demand for apartments.
||Oz homebuyers out in force|
Australian real estate experts agree that consumer confidence is on the way up again and expect a lift in property transactions during the next twelve months.
||Signs of construction building across Oz|
Australian real estate industry insiders welcomed the results of a report from ABS which show a slight improvement in the residential real estate construction sector during the last quarter.
||Boost for Oz housing market|
Australian property owners welcomed the news of a further cut to the interest rate earlier this week.
||Sydney housing still expensive but more affordable|
The cost of residential property in Sydney is still among some of the most expensive across the world – but a new report suggest that buying a property in Sydney is the most affordable for at least three years.
||Chinese choose Sydney|
The Sydney real estate market continues to be a popular choice for Chinese property investors looking to build their portfolio.
||Home investors move in to the Gold coast |
The outlook is set to improve during the last few months of 2012 for residential real estate properties along the Gold Coast region of the Australian property market.
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