The past 12 months have seen some ups and downs for the property market, but 2013 is ending on a high as dwelling commitments rise across the country.
October data from the Australian Bureau of Statistics (ABS) shows that the value of dwelling commitments increased 1.8 per cent in trend terms compared to the previous month.
This included a 1.1 per cent increase in owner occupied housing and a 2.9 per cent rise in properties purchased for investment.
The results suggest that anyone buying property in Prospect or any other part of the country was more likely to purchase established dwellings, as sales rose 0.6 per cent month on month.
Responding to the ABS figures, the Real Estate Institute of Australia’s Peter Bushby highlighted that there is still some way to go before sales of new dwellings pick up.
“In trend terms, the number of commitments for the construction of new dwellings climbed 0.7 per cent in trend terms and purchase of established dwellings went up 0.6 per cent.
“However the purchase of new dwellings fell by 0.1 per cent.”
He also called on the government to do more to encourage first home buyers back into the market.