The Australian property market is required to alter in order to successfully contend with ongoing demand for homes in the current economic climate, one expert has claimed.
Westpac economist Matthew Hassan told News 24 that recent figures suggesting conditions are improving did not display significant growth for a secure future.
His comments were made after new data from the Australian Bureau of Statistics highlighted a 1.8 per cent increase in the value of loans for property investors.
Mr Hassan went on to suggest the current level of finance approvals for people looking to get on to the housing ladder was similar to that during the 1990s.
"This a pretty subdued picture for the housing market - certainly it is not pointing to a really significant improvement in housing-market condition," he added.
Last month, Wespace reduced the one, two and three-year fixed-rates on its Premier Advantage Package by up to 20 basis points, which aimed to offer reassurance to struggling customers.
Posted by Craig Francis
Westpac economist Matthew Hassan told News 24 that recent figures suggesting conditions are improving did not display significant growth for a secure future.
His comments were made after new data from the Australian Bureau of Statistics highlighted a 1.8 per cent increase in the value of loans for property investors.
Mr Hassan went on to suggest the current level of finance approvals for people looking to get on to the housing ladder was similar to that during the 1990s.
"This a pretty subdued picture for the housing market - certainly it is not pointing to a really significant improvement in housing-market condition," he added.
Last month, Wespace reduced the one, two and three-year fixed-rates on its Premier Advantage Package by up to 20 basis points, which aimed to offer reassurance to struggling customers.
Posted by Craig Francis
