Property Market Information: Industry confidence increases nationwide

By the resi financial blog team, 16 January 2014

Property industry confidence up

Sentiment towards the real estate market for the March quarter of 2014 has risen to the highest level in two and a half years, according to the latest Property Council of Australia - ANZ Property Industry Confidence Survey.

This could be reassuring news for anyone considering taking out a home loan - whether that be investment or otherwise - and entering into their local property market in the near future.

The national confidence level rose to 140, up from 132 during the December 2013 quarter, which has been boosted by low interest rates, increased uptake in housing financing and solid investment in both residential and commercial property.

Furthermore, auction clearance rates, house sales and prices, and dwelling approvals all increased during 2013 - especially in the Sydney, Melbourne, Brisbane and Perth real estate markets.

This is expected to continue well into the new year, with much of this weighing on the Reserve Bank of Australia's (RBA) impending monetary decision. There is a widespread belief that interest rates will be kept low in order to further stimulate the nation's economy.

Queensland was the top state from the survey, increasing by 10 points between quarters and highlighting the overall attitude towards the real estate industry in the state. Acting Treasurer John McVeigh said this result stems, in part, from the state's high economic expectations for 2014.

"There’s been a marked change over the last six months in the property sector’s confidence in economic growth. Planned property construction for the March quarter has also surged ahead, particularly for the residential sector," said Mr McVeigh in a January 16 statement.

Now could be the perfect time to consider entering into the real estate market. One of the first things to take care of before committing to property is figuring out the type of home loan you need to help you achieve your goals.

Categories: Home Loans, Property Investment