Rising home lending highlights real estate market strength
It’s no surprise that Australia’s economy has begun to recover over the last few years, with the real estate industry playing an integral part in this growth. If you’re interested in purchasing or selling Burpengary real estate, you will be interested to know that new home lending rates across the nation grew during the March quarter – highlighting the growing strength of Australia’s property market.
The latest Housing Industry Association (HIA) release has highlighted the rising values of owner occupier and investor home lending, which increased by 3.6 per cent and 4.9 per cent, respectively, during the March 2014 quarter.
HIA economist Diwa Hopkins said the data also showed the rising value of capital city residential properties, which grew by 1.7 per cent during the first quarter of 2014. This figure is now 10.9 per cent higher than the same time 12 months earlier.
“Following a period of fairly strong increases late last year, prices appear to be growing within a more sustainable range,” said Ms Hopkins in a 13 May statement.
“Combined with the current low interest rate environment, these developments provide favourable conditions for the residential construction sector.”