The amount of loans going to new home owners has increased again, in keeping with the steady upward movement over the past year. July marks the strongest month for home loans since the market reached one of its periodic lows in 2011.
The demand for new home loans signals a recovering economy and increases the value of current investments in property in Norwood. Those looking to buy, sell or simply invest should consider doing so while home loans are widely available.
While 8,396 loans went to new owner-occupiers in July, the money was primarily used to purchase existing homes, not to build new ones.
“The aggregate value of lending for housing increased by 4.5 per cent in the July 2013 quarter. There has been strengthening demand from both owner occupiers and investors, which in itself is encouraging,” said HIA Economist, Geordan Murray.
According to Mr Murray, there were increases in the value of lending to both owner-occupiers purchasing or building homes, and investors purchasing homes, the latter of which rose by 3.3 per cent in July.
Whether you are in the market for a new home or simply looking to invest in real estate in Adelaide, the upward trend in home loans indicates a returning confidence in the property market. Potential buyers should consider securing a new home loan and realising their goals today.
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