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Australian property recovery 'could be imminent'

A recovery in the Australian property sector could already be underway.

CommSec has claimed a recovery in the Australian property sector could be "imminent".

Economist at the organisation Savanth Sebastian told Australian Property Investor that the outlook for the industry is now increasingly positive.

Research from CommSec revealed a 1.3 per cent rise in the number of owner-occupier housing loan approvals during June, while the overall value of home lending during the month increased by 2.3 per cent.

The organisation added that improving job security and low rental vacancy rates are also serving to push up investor activity in the housing market at present, with the average Australian home loan now standing at AU$295,000.

"Even the anecdotal evidence across Commonwealth Bank seems to suggest there's a healthy pick up in the number of housing recoveries," Mr Sebastian added.

His comments follow the publication of findings from SQM Research that outlined a reduction in the number of online residential listings in recent months, pointing to possible growth in the number of individuals purchasing homes across the country.

Posted by Steve Douglas

- property, prices, recovery, loan, banks, approvals

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