Recent data from the Australia Bureau of Statistics has shown some interesting facts when it comes to the housing market from the June quarter. Although it may seem like doom and gloom there were some positive trends among the data.
Firstly, the data revealed that while Sydney housing market remains subdued, buyer activity has stabilised over the past few months due to the growing confidence in the marketplace. This growing confidence has created an encouraging atmosphere for the market.
June saw the number of owner-occupied home loans taken out in NSW fall by 4.6 percent compared to the previous month. However, it was not all bad news seeing as home loans rose 19 percent during May.
The number of home loans taken out during the June quarter was 8.3 percent higher than the same period in 2010. The average value of home loans rose to $325,300, the highest monthly figure on record.
Although the number of properties on the market remains higher than June 2010 quarter, the rate of growth of new listings is falling.
Analysts are predicting interest rates to stay on hold for the rest of the year. However, the chance of the rate rise toward the end of the year is possible depending on economic activity.