Despite the decrease in the number of home loan
approvals for January this year there are other hints that we could see a
revival in the market soon. The value of home loans saw an increase of 2.4% according to
data from the Australian Bureau of Statistics. Furthermore, a consumer
confidence index showed that the public outlook has also improved, as other
research shows that it reached two year highs in March this year.
approvals for January this year there are other hints that we could see a
revival in the market soon. The value of home loans saw an increase of 2.4% according to
data from the Australian Bureau of Statistics. Furthermore, a consumer
confidence index showed that the public outlook has also improved, as other
research shows that it reached two year highs in March this year.
One economist says that it was over confident
to assume the recent rate cuts in December and October would be able to turn
activity around so quickly suggesting that the consuming public needs a little
more patience. While January 2013 figures may not have shown a direct
improvement compared to December 2012 data the results were still 9.3% higher
than they were in January 2012, which does offer some consolation and which many
have taken as a step in the right direction. From this point of view the economy
has already started 2013 in a high note, according to the economic optimists out
there. For the analysts the most promising activity was the increase in the
value of loans, especially after the contractions that took place in November
and December, a sign of recovery and the increase in home prices has also
fuelled optimism from some corners.
to assume the recent rate cuts in December and October would be able to turn
activity around so quickly suggesting that the consuming public needs a little
more patience. While January 2013 figures may not have shown a direct
improvement compared to December 2012 data the results were still 9.3% higher
than they were in January 2012, which does offer some consolation and which many
have taken as a step in the right direction. From this point of view the economy
has already started 2013 in a high note, according to the economic optimists out
there. For the analysts the most promising activity was the increase in the
value of loans, especially after the contractions that took place in November
and December, a sign of recovery and the increase in home prices has also
fuelled optimism from some corners.
New research shows that average house prices in
the December quarter were up by 3.8% compared to the three months before. This
result came after the September quarter saw a 1% drop and the June quarter saw a
1% increase. Analysts from Bankwest Home Loans
also took the opportunity to remind the public that the changes in the property
cycle had made the climate conducive for good deals in a number of local cities,
especially for those who wanted a step up for their family homes and those who
are looking for online home loans at more competitive prices.
the December quarter were up by 3.8% compared to the three months before. This
result came after the September quarter saw a 1% drop and the June quarter saw a
1% increase. Analysts from Bankwest Home Loans
also took the opportunity to remind the public that the changes in the property
cycle had made the climate conducive for good deals in a number of local cities,
especially for those who wanted a step up for their family homes and those who
are looking for online home loans at more competitive prices.
Hobart and Melbourne were singled out as cities
that reflected strong and solid growth during the last quarter, as they
attracted buyers from around the country due to their increased affordability
while interest rates were dropped.
that reflected strong and solid growth during the last quarter, as they
attracted buyers from around the country due to their increased affordability
while interest rates were dropped.
In January we saw more promising signs as home
credit experienced a slight increase during the month and signalling that the
pressure on consumers may be lifting a little. Loans to buy homes increased by 0.4%, an increase from the
0.3% growth figure that was documented for December 2012 but it is not as
impressive as the 4.4% that was recorded for the same period 12 months ago which
is where many analysts are sourcing their concerns for future growth prospects
from.
credit experienced a slight increase during the month and signalling that the
pressure on consumers may be lifting a little. Loans to buy homes increased by 0.4%, an increase from the
0.3% growth figure that was documented for December 2012 but it is not as
impressive as the 4.4% that was recorded for the same period 12 months ago which
is where many analysts are sourcing their concerns for future growth prospects
from.
The decision to maintain the cash rate at 3%
has been taken in order to maintain the balance between the local currency and
the country’s domestic growth rate.
has been taken in order to maintain the balance between the local currency and
the country’s domestic growth rate.
In 2012 the number of active first time home
buyers was still 17% lower than the average even though low interest rates were
implemented between November and December. Furthermore, between 2000 and 2012
annual housing commitments found themselves at 117,686, also a lower than
average performance.
buyers was still 17% lower than the average even though low interest rates were
implemented between November and December. Furthermore, between 2000 and 2012
annual housing commitments found themselves at 117,686, also a lower than
average performance.
Home value index results showed that five of
the eight capital cities had shown growth for February this year. By the end of
February 2013 the values of capital city homes increased by 0.3%, following a
1.21% increase for January.
the eight capital cities had shown growth for February this year. By the end of
February 2013 the values of capital city homes increased by 0.3%, following a
1.21% increase for January.
Melbourne is said to have pushed the average up
as the value of Melbourne dwellings increased by 1.5%. An increase of 0.1% was
documented for Sydney, 1.9% was recorded in Canberra and 2.3% was documented for
Darwin. The biggest monthly slump came about in Brisbane where home values
dropped by 1.1%, following an increase of 2% in January.
as the value of Melbourne dwellings increased by 1.5%. An increase of 0.1% was
documented for Sydney, 1.9% was recorded in Canberra and 2.3% was documented for
Darwin. The biggest monthly slump came about in Brisbane where home values
dropped by 1.1%, following an increase of 2% in January.
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