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New housing finance is on the up

By Louise Morrin

There's potential for new real estate in Bexley to be snapped up quicker than ever, as the latest lending figures point to strength in the sector.

The Australian Bureau of Statistics (ABS) revealed that in April, the number of loans granted for the purchase of new properties increased 1.6 per cent compared to the previous month. Meanwhile, there was a 4.3 per cent rise in loans for the construction of new dwellings, in seasonally adjusted terms.

Although there is still some improvement to be made in the number of first-time buyers, the Housing Industry Association (HIA) is nevertheless confident that approvals data is moving in the right direction.

"The number of first home buyer loans for owner occupiers remains low, but is running at its highest annual level in a year, although that of course excludes those first time buyers entering the investment market," said HIA chief economist Harley Dale.

"In April 2015 the number of trade-up buyer loans reached its highest level since prior to the global financial crisis."

ABS figures show that the number of first home buyer loans accounted for 15.2 per cent of all owner occupied housing finance commitments over the course of April. This marked a 0.1 per cent increase from levels recorded in the previous month.

The group's analysis of the ABS data shows that there was a 4.9 per cent increase in loans granted for new housing across New South Wales over the three months to April. This made it the greatest rise out of all the states and territories.

This was in stark contrast to Western Australia, the Australian Capital Territory and Tasmania, which witnessed declines of 4.4 per cent, 8.7 per cent and 10.3 per cent, respectively.

Whether you want a new or existing property in the Sydney area, be sure to get in touch with the experts at Ray White Carlton.

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