The latest monthly housing finance statistics released by the Australian Bureau of Statistics (ABS) for March 2006 show a continued increase in the number of Australians buying property.
The Mortgage Industry Association of Australia (MIAA) said this week that the number of people taking out home loans each month has continued to climb from its low point in 2004, and has now recovered to near the previous peak volume of 60,000 loans a month, with a .7 per cent rise in owner occupied housing loan commitments in March.
MIAA chief executive, Phil Naylor said that the March figures show continued confidence by owner-occupiers and those buying for investment, as both these categories continued to rise.
"But on top of the overall increase, the percentage of all loans taken out by first home buyers increased from 17.8 per cent in February to 18.4 per cent in March. It is significant that the numbers entering the housing market are increasing," Mr Naylor said.
The ABS figures show that the Australian Capital Territory has resumed an upward trend, with a strong increase after a series of decreases since December 2005. Trend estimates increased in March in all states and territories except Victoria, Queensland and Northern Territory.
"Of course these figures were before the recent interest rate rise, so we may see some easing of activity when May figures come through in two months' time," he said.
The ABS report shows that, in monetary terms, the mortgage market continued to grow with the total value of home loans entered into during March increasing slightly (0.5 per cent) for the ninth consecutive month.
