There is good news if you've got your sights set on buying a new property in Burpengary East in the near future, as lending for this type of real estate appears to be on the rise. Releasing housing finance data for April, the Australian Bureau of Statistics (ABS) found that new properties are in especially high demand at the moment.
The Housing Industry Association (HIA) analysed the ABS figures to reveal that Queensland was one of six states to have seen lending levels increase in the three months to April. The increase stood at 3.4 per cent from the previous quarter, showing that demand for property is stronger than ever.
HIA executive director Harley Dale explained that the national figures are also broadly positive, although there is some room for improvement when it comes to first-time buyers.
"In April 2015 there was a 4.3 per cent increase in the number of owner occupier loans for construction, while the equivalent number of loans for the purchase of a new property rose by 1.6 per cent," noted Mr Dale.
He acknowledged that while first home buyer lending is still relatively low, it is now running at the highest annual level in the past year. The ABS revealed that 15.2 per cent of home loans were granted to first-time buyers in April, up slightly from the 15.1 per cent recorded in March.
Mr Dale pointed out that these figures don't include buyers entering the investment market, so there's every chance that lending rates could in fact be higher than reported.
Getting onto the property ladder for the first time can be a daunting experience, so why not let Ray White Burpengary help? We're on hand to assist with any queries you might have, as well as guide you through the property buying process.