The strong increase in new home lending, particularly in South Australia, indicates a recovering housing market. As these numbers are the highest reached over a three-month period, hopes are high for a solid spring.
With this inspiring start to the new financial year, more people are investing in property in Prospect, Norwood and other suburbs of Adelaide.
New home loans rose to 1,622 over the three-month period ending in July 2013. This hike in home loans illustrates a 36.1 per cent boost when compared against numbers taken from the same time last year.
Notably, the construction of new homes in SA has risen considerably in the second half of this year – a relief after such a drawn-out period of decline.
“These figures demonstrate that the decision made by the State Government at the urging of HIA SA to continue the new residential construction grant of $8,500 in June of this year was the correct one,” said Robert Harding, HIA Regional Executive Director in South Australia.
The entire economy in SA will likely see a boost as locals and residents continue to feel more confident in the improved conditions of the market, and set about not only buying but decorating their new homes.
Potential new home buyers should consider making their move now, while loans with good interest rates are widely available, and realise their dreams with a piece of property in Adelaide.
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