Top 5: Finance & property quotes week commencing September 8

By the resi financial blog team, 15 September 2014

Weekly top 5

The last week has seen many opinions over the shifting Australian property market. Here are some of the highlights to keep you informed:

#1. Housing Industry Association Economist Diwa Hopkins commenting on new home lending figures in a September 9 statement: "The number of loans to owner occupiers purchasing or constructing new homes slipped by 0.8 per cent in the month of July 2014. However, over the three months to July the number of these loans continued their upward momentum with an increase of 1.9 per cent. Compared with a year earlier, the number of loans in the latest three months is 8.8 per cent higher."

#2. Master Builders Association Chief Economist Peter Jones commenting on market buyer makeup in a September 9 statement: "Finance commitments for First Home Buyers remain at a record low accounting for only 12.2 per cent of dwellings financed. Investors continue to drive growth with the value of investor housing up 6.8 per cent seasonally adjusted and 30 per cent through the year while the value of investor loans for the construction of dwellings is up 43 per cent through the year.

"Overall, finance approvals for new housing are up by 8.6 per cent through the year and it is not unusual during a cycle of expansion for the momentum of growth to wax and wane as construction activity and stock levels adjust."

#3. Urban Taskforce Chief Executive Officer Chris Johnson commenting on Sydney's property market growth in a September 8 statement: "With approvals running at close to 70 per cent for apartments this is clearly becoming the dominant form of new housing as Sydney moves from having around 30 per cent currently as apartments to becoming a 50 : 50 city within a few decades composed of half detached houses and half apartments."

#4. Property Council of Australia Executive Director for Residential Development Nick Proud commenting on Australia's rising residential outlook over the coming years in a September 8 statement: "The good news is that the forecasts for 2015 show residential development reaching 180,000 new starts, which adds tens of thousands of homes for Australian families than on previous years.

"On average, Australia builds 150,000 homes each year, but this is simply not enough to meet demand, let alone reduce the housing shortage. These increased construction rates are expected to continue for the next 12-18 months - but the challenge is to keep up this level of activity to meet undersupply."

#5. Real Estate Institute of Australia President Peter Bushby commenting on the rising strength of Australia's eastern markets in a September 10 statement: "Melbourne has definitely been leading the charge with an increase of 3.3 per cent, bringing the median house price to $658,000, but followed closely by Sydney with an increase of 3.1 per cent, which saw median house prices break through the $800,000 mark to $811,837."

 

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