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Buying enquiries are 'growing significantly'

John McGrath of McGrath Real Estate has reported positive buyer numbers in January and February 2012.

More people attempted to purchase property in Australia over the last two months, according to John McGrath, the chief executive officer of McGrath Real Estate.

 

 

Enquiry numbers showed an especially strong improvement for properties worth up to $1 million (£678,000), Mr McGrath suggested.

 

 

Writing in his Autumn Market Review, the chief executive officer pointed to a 40 per cent rise in national mortgage sales in January as emblematic of resilience throughout the market.

 

 

"Fuelling buyer interest are the two interest rate cuts last year and vendors more aligned to the current market," he added.

 

 

Despite this, the market is unlikely to see a fully-fledged recovery until conditions in Europe and the US improve and help stabilise the Australian economy, Mr McGrath concluded.

 

 

SQM Research director Louis Christopher recently told SmartCompany that the prestige market of the Australian property sector is continuing to suffer as low-end residential areas drive slightly higher sales.

 

 

Posted by Steve Douglas

- property, sales, mortgage, banks, Europe, US

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