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Low Interest Rates Fuel an Increase in New Home Lending

New home lending in Australia rose in June for the third consecutive month, according to new Housing Data figures from the Australian Bureau of Statistics.

The increase continues the upward trend in lending that began after the market hit a cyclical low in early 2011, according to Housing Industry Association economist Geordan Murray.

Mr Murray notes that the growing demand for home loans from both owner occupiers and investors is encouraging. The number of loans to owner occupiers for constructing and purchasing owner-occupied homes has increased by 15.5 per cent since July 2012.

The news is positive for Morningside real estate investors, as it indicates a strong environment for property. High home lending figures suggest the market is continuing to strengthen due to record low interest rates, despite the sagging economy caused by the slow boom in mining.

The current low interest rates are "jet propelling markets and buyer activity," according to Australian Property Monitors Chief Economist Andrew Wilson.

Those looking to purchase houses for sale in Hawthorne and its surrounding suburbs can take advantage of the positive market conditions and contact Ray White Bulimba for expert property advice.

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