Home loan approval rates can be an excellent indicator of the health of the property market and can help you decide whether now is the right time to sell your home in Belconnen. While things got off to a sluggish start in January, recent data shows that the housing finance sector picked up considerably in February.
The vast majority of people will rely on securing housing finance to purchase a house. If you're thinking of buying a home in the near future, you'll be happy to learn that the number of granted loans is on the rise, which may make it easier for you to obtain the finances necessary for your dream home. Approved loans for owner-occupied housing increased by 1.5 per cent between January and February 2016, according to figures collated by the Australian Bureau of Statistics.
The total value of these financial commitments also grew, with loans for owner-occupied housing and investment housing increasing by 1.7 per cent and 4.1 per cent respectively.
Westpac Senior Economist Matthew Hassan explained that the figures demonstrate a certain amount of stability, which may be conducive for buying and selling.
"Overall, the picture points to a relatively steady start to the new year, something also apparent from auction market activity," commented Mr Hassan, as quoted by The Australian.
Whether this stability will continue throughout the rest of the year remains to be seen. However, if you're looking to take advantage of current market conditions, you'll need to speak to a property team you can trust. Get in touch with the experts at Ray White and discover how we can help you with all your real estate needs in Belconnen, Gungahlin and all the surrounding areas.