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Growth in New Home Lending Encouraging

By Matt Hurlston

After July marked the third consecutive month of growth, new home lending was at its strongest since early 2010, as shown in data released by the Australian Bureau of Statistics.

Those looking to invest in Carnegie real estate will see the benefits of this upward trend, as a significant portion of borrowers are seeking existing property rather than building new homes.

In the month of July, loans for the purchasing of new homes increased by 5.9 per cent, reaching a level 52.1 per cent higher than the same time last year. However, the amount of borrowers planning to build their own property fell by 2.1 per cent and is currently sitting at a level only 1.1 per cent above July 2012.

In Victoria, the increasing demand for established property is even more evident. Lending for owner-occupiers looking to purchase a new home increased by 7.6 per cent in July, despite the fact the total number of loans was 12.3 per cent lower than last year.

The growing demand for existing homes is encouraging, and the increases in home lending are boosting property value in Victoria, bringing investors' attention to property in Carnegie and other Melbourne suburbs.

If you're thinking of buying property in Carnegie, get in contact with real estate professional Matthew Hurlston at Ray White Carnegie.

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