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Co-founder & CEO of AllenWargent property advisory & buyer's agents.
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Co-founder & CEO of AllenWargent property advisory & buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Monday, 13 May 2013
Housing finance takes off
Well, the market expected an increase in housing finance in March in response to low interest rates.
But they did not anticipate the scale of the increase.
Owner occupied housing lending was up very strongly +5.2% after +2.0% last month.
Investment lending was also up +2.1% after being up +1.9% in the previous month.
Of note is that total lending to buy new dwellings increased +21.1% in the month and financing for construction increased by 4.6%.
Overall this is very health news for the real estate industry in Australia, and shows that the low interest rates are beginning to have the desired effect stimulate sales of new dwellings and construction.
The trend for total finance over the year for all dwellings is clear.
As expected the major rise in mortgage lending was in New South Wales (+8.0%) with Victoria (+5.2%) and WA (+4.0%) not far behind.