Now could be a great time to consider taking out property finances and begin looking into building your dream home, as the latest figures form the Australian Bureau of Statistics (ABS) have highlighted the rising activity in the new home lending market. As confidence continues to grow across the nation, this could be a great opportunity to construct property in Carlton.
According to the ABS, owner occupier lending rose by 7.2 per cent over the three months ending February. Furthermore, over the same period, investor borrowing rose by 13.2 per cent. With the rising strength of the property market and consumer confidence growing, the nation's overall economy is beginning to benefit.
Diwa Hopkins, an economist for the Housing Industry Association, said these results highlight good progress towards further property development across the nation.
"A sustained increase in new home building activity which provides Australia with an appropriate supply of housing is a necessary condition for addressing the persistent problems around housing affordability," said Ms Hopkins in an April 9 statement.
"This strong growth in housing finance is consistent with other leading indicators of the residential construction sector, including dwelling approvals and new home sales."
With these growing statistics, now could be the best time to consider building real estate in Carlton.