Market Update

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Australia’s Property Market Update

property market updateProperty Market Update February 2013

The Australian Bureau of Statistics finally released the housing finance data for the month of February. Tim Lawless, head of RP Data research team, highlights the important parts of the newly release housing finance data. Lawless mentions the significant increase in the number of owner occupier commitments.

Although the 2% monthly increase was significant, there’s only a 1.5% increase yearly. This increase, according to Lawless, was caused by a 6.8% increase in new loan commitments compared to the -8.1% decrease in refinance commitment.

There’s only a 5.3% increase in the value of owner occupier finance commitments year-on-year in comparison with the 15.4% rise of investment loan commitments. This new property market update indicates that there are more investors who demand for housing finance than owner occupiers.

You can read the whole article here.