Home loan demand remains subdued
There appears to be a number of obstacles standing in the way of Aussies who are trying their best to get on to the property ladder.
The cost of living down under continues to grow sharply and people are still worried the economy could nosedive at any time – which may result in widespread redundancies.
Such concerns are reflected in new figures relating to home loan uptake across the nation.
According to the Australian Bureau of Statistics, the number of successful mortgage applications grew by just 0.3 per cent in seasonally adjusted terms in March 2012.
Although it is good to see an increase, the size of the rise is not as big as many property industry experts were hoping.
The figures also indicated that first-time buyers are finding it more difficult to find adequate finance in order to secure a new home.
Of all mortgage applications made in March, just 16.4 per cent were from new customers, which was down from 17.2 per cent in February 2012.
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