Making that all-important home loan application is crucial for most buyers of property in Bentleigh – so how are mortgage applicants faring at the moment? Well, according to the Australian Bureau of Statistics (ABS), the market is largely working in buyers’ favour, which is good news if you’ve yet to move to this desirable Melbourne suburb.
Between January and February, the ABS reveals that the number of mortgages granted increased 2.6 per cent. This included an increase of 1.7 per cent for owner occupied housing commitments.
Although first-time buyers still made up a significant proportion of overall applicants (14.7 per cent) in February, the results weren’t quite as strong as the previous month. It might therefore be more important than ever for people to find the right provider before making that all-important application.
It’s not just owner occupiers who have seen their fortunes improve, but also investors in property in Bentleigh. The ABS revealed that the number of fixed loans for investment housing improved 4.1 per cent month on month.
“The value of investment housing commitments was flat in trend terms following eight months of falling investor lending in response to the increase in mortgage rates for investors and the strengthening of banks’ non-price lending terms,” said president of the Real Estate Institute of Australia Neville Sanders.
He suggested that macro prudential measures introduced to keep investor lending at bay have led to this particular segment of the market to moderate. All eyes will be on future figures to see whether this has had the widespread effect policymakers had hoped for.
For help buying your first home, or making an investment in property in Bentleigh, get in touch with Matt Hurlston at Ray White Carnegie. He can help find real estate that fits your individual criteria.
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