Recently released figures by the Australian Bureau of Statistics (ABS) reveal that the number of home loans granted across Australia rose over the month of September.
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According to the ABS, 46,395 owner-occupied loans were approved in September, up from the 45,983 home loans granted in August ? a seasonally adjusted rise of 0.9 per cent. Meanwhile, the value of loans for investment properties increased 8.6 per cent.
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The total worth of housing finance rose by 3.8 per cent, seasonally adjusted, to $21.303 billion.
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The results suggest that more buyers looked to take advantage of improved financing conditions, brought about by Reserve Bank interest rate cuts in May and June.
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Despite the positive result, Housing Industry Association chief economist, Harvey Dale, indicated that a broad based recovery in the property market has not yet occurred:
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?In terms of owner occupiers, there is still some growth in the first time buyer market, but the modest improvement in finance to trade-up buyers ran out of steam in the September 2012 quarter. The number of loans for the purchase of a new dwelling continues to mount an encouraging recovery, however, the number of loans for construction is back to its lowest level since January,? said Mr Dale.
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For more information about the residential property market in your areas of interest, please feel free to stop by your local CENTURY 21 Real Estate office for expert and clear advice. Additionally, if you would like to speak to a mortgage professional about how to finance your next residential property purchase, please contact your local Century 21 Home Loans office.
Source: http://www.century21.com.au/blogs/post.cfm/housing-finance-figures-up-in-september
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