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Property investment increased 0.4% in June

The number of people investing in Australian property increased by 0.4 per cent from May to June 2010, new figures have shown.

The number of people investing in Australian property increased by 0.4 per cent in June 2010, figures from the Australian Bureau of Statistics (ABS) have shown.

However, this rise in investment housing commitments was not mirrored by the total value of dwelling finance commitments, which decreased by 0.3 per cent in the same month.

Owner occupied housing commitments also fell by 0.7 per cent in the sixth month of the year.

"In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions decreased 1.9 per cent," the ABS report states.

Irrespective of the value of dwelling commitments in Australia, the number being sought fell by 0.8 per cent.

However, the number of commitments for the purchase of new dwellings increased by 1.1 per cent.

Earlier in the month, Wakelin Property Advisory director Monique Sasson Wakelin explained to API magazine that the increase in Australian property prices may have slowed, but that this is great news for first-time buyers.
 

Posted by Ravin Chatlani

- property, investment, June

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