Home loans customers see highest monthly increase in house sales in 3 years

Thursday 24 September 2009

Article by Mozo

There was an increase in the number of property purchases undertaken by house hunters, including those with home loans, in August, it has emerged.

According to Housing Industry Association (HIA) statistics, new house sales increased by 11.4 per cent in the month.

This represents the highest monthly increase in purchases for three years, a report from the organisation indicated.

Furthermore, it is first-time buyers who are driving the growth, since there are more entering the marked, it asserted.

The news, which may be of interest to those looking to compare home loans, also demonstrated that detached house and apartment transactions were up 11.8 per cent and 7.5 per cent respectively.

HIA chief economist Harley Dale said people buying their first property are "clearly still exerting a positive impact on new home demand".

"A late surge in sales to first home buyers ahead of the step-down in the new home boost propelled new home sales," he added.

Meanwhile, many people hoping to step onto the property ladder, including those seeking out low interest home loans, are not aware that the First Home Owner Boost will be reduced, according to the National Australia Bank First Home Buyers survey.

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