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Housing Finance Improved in ACT

By Ben Faulks

New information from the Australian Bureau of Statistics (ABS) has shown that the number of people seeking housing finance has increased over April, which may be of interest to those thinking of selling Belconnen real estate.

According to the ABS data, the number of owner-occupied finance commitments rose by 1.4 per cent in trend terms nationally. This is on top of a 1.4 per cent increase over the whole quarter.

An increase in lending commitments for housing purchases is an encouraging sign for the real estate market, and may be an indication of the level of buyer activity.

Real Estate Institute of Australia president Peter Bushby welcomed this boost in lending, stating that rises were recorded in all states and territories apart from Northern Territory.

"Increases were evident for the purchase of established dwellings (up 1.2 per cent in trend terms), the purchase of new dwellings (up 3.5 per cent, in trend terms) and the number of commitments for the construction of new dwellings (up 1.5 per cent, in trend terms)," said Mr Bushby.

Further cuts to the cash rate by the Reserve Bank of Australia last month may also help to improve these figures further, as more households may be able to afford to take on home loans to make property purchases.

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