According to the news, the percentage of Australian housing finance last March has been reported to be declined by 3.4%. The market and homes for sale industry has been predicted this decreased a few months ago. Indeed this decline from owner-occupier finance numbers is not far from the agreement estimate of a 3.0% fall. From the statement released by the National Australia Bank Capital chief economist Robert Henderson stated that the March fall comes on the back of 2% decline in February.
However the Westpac suggests that the data reported further confirms the Australian housing cycle is evolving throughout the year. According to the NZ Banking Group economist David Cannington released statement said that the value of investor approvals increased by 3% for the month. He said that despite the increase on interest rates for the Australia homes for sale this showed a lot of recovery. While Henderson agrees with these that noting investment spending has been growing since early in 2009. Cannington stating the number of first home buyer commitments fell 1.6% in March and has declined by 67% since last October.
In accordance to the report Cannington's suggested that the homes for sale supply will continue to slow into 2010 and so stay the market short of the supply required to keep up with demand. He’s looking forward to this should see house prices continuing to grow this year.
Source: NineMSN.com.au
Source: NineMSN.com.au
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