Home loans customers bought more properties in June

Friday 11 September 2009

Article by Mozo

People looking for low interest home loans may be interested in new figures released from RP Data.

According to a study by the firm, residential property sales increased across the country by almost one-third in June.

Throughout the month, the number of homes sold reached 130,000, which represented a 32 per cent rise compared to the previous year.

Tim Lawless, RP Data national research director, highlighted Perth as having the greatest growth in sales, which were up by 60 per cent on last year.

Meanwhile, Sydney had the second largest surge of 38 per cent.

"Because of historically low interest rates, a first home buyer stimulus package and improving economic figures, buyers have been given renewed confidence in market conditions," Mr Lawless said.

He went on to say volumes of house purchases are likely to stabilise around the normal averages in the first half of 2010.

In related news, more people have been taking out home loans and buying properties at auction, with clearance rates reaching 84 per cent at the beginning of the month.

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