Anyone hoping to buy Murrumbeena real estate and get onto the property ladder for the first time may find their chances of success are improving.
The Australian Bureau of Statistics (ABS) released its March data, which showed 12.6 per cent of total housing commitments in the month were given to first home buyers.
In simple terms, this means 0.1 per cent more home loans were granted to this group than in the previous month.
Across the country, there was a 1.6 per cent increase in the number of mortgages given to those who wanted to buy brand new properties.
Not only this, the construction of new houses increased 2.1 per cent month-on-month.
Economist at the Housing Industry Association Diwa Hopkins said the ABS figures gave some reason to be positive.
"Following a period of fairly strong increases late last year, prices appear to be growing within a more sustainable range," she said.
"Combined with the current low interest rate environment, these developments provide favourable conditions for the residential construction sector."
Looking to buy property in Murrumbeena? Get in touch with Matt Hurlston at Ray White Carnegie to see what options are available.
Rental inspections are an important part of maintaining a well-managed property. For landlords, they provide an opportunity to ensure the home is being properly cared for, while for tenants they help confirm that any maintenance issues are identified and addressed early. Knowing what to look out for during an inspection … Read more
Melbourne’s rental market remains one of the most competitive and priciest in Australia, even as overall growth rates have softened in recent months. While some data shows quarterly changes easing or stabilising, rental levels are still significantly elevated compared to pre-pandemic norms — and many of the forces that drove … Read more