Being able to secure a mortgage is often people's first step towards owning property in Carlton, and the latest figures show many buyers have managed to do just that. The Australian Bureau of Statistics (ABS) revealed that in February, the number of home loans granted for owner occupation increased 1.7 per cent from the previous month.
There was a slight decline, however, in the number of first-time buyers being given mortgages. As a proportion of total home loan approvals, this group accounted for 14.7 per cent, down 0.4 per cent from a month earlier.
The chances of being able to secure a home loan for investment purposes remained flat over the course of the month, noted the Real Estate Institute of Australia (REIA). Its president Neville Sanders explained that this result might not be as negative as it first seems.
Mr Sanders continued: "The value of investment housing commitments was flat in trend terms following eight months of falling investor lending in response to the increase in mortgage rates for investors and the strengthening of banks' non-price lending terms."
Precautions were introduced in recent years to restrict the amount of investors being able to enter the property market. Concerns had been raised by some industry experts that they were restricting first-time buyers from being able to secure the housing finance they needed.
It doesn't matter what your motivations are for buying property in Carlton – having an experienced agent by your side can make all the difference. They know everything there is worth knowing about the local area and can help you find a home that meets your individual criteria.
The team at Ray White Carlton is ready and waiting to take your call and help you take those next steps onto the ladder.