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Renewed Confidence for National Property Market

There are further signs of positivity in the national property market at the moment, as the Australian Bureau of Statistics (ABS) releases its home lending data for November 2013.

Analysis of the figures by the Housing Industry Association (HIA) indicates there are reasons for optimism both in the industry and wider economy.

HIA senior economist Shane Garrett explained how a "new mood of confidence" is emerging in the Australian housing market, as the value of loans to investors rose 1.5 per cent during the month.

He commented: "There are few sectors of the economy more labour-intense than dwelling construction.

"The strong expansion of the sector brings the potential for greater jobs market support at this time of economic transition."

The expert acknowledged how lending for new homes is substantially higher than it was a year previously, which may mean houses for sale in Hawthorne don't stay on the market for long.

ABS figures show the number of first home buyer commitments as a percentage of total owner occupied housing declined from 12.6 per cent in October to 12.3 per cent the following month.

Furthermore, the number of commitments for owner occupied housing finance experienced a rise of 0.6 per cent.

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