Securing finance is often people's first step towards buying property in Bentleigh East, so the latest lending figures are likely to come as welcome news. Although the Australian Bureau of Statistics (ABS) revealed a slight fall in loan approvals in January, property analysts believe there's still plenty of room for optimism.
Commenting on the ABS data, the Housing Industry Association's Economist Geordan Murray explained that activity was "quite healthy" over the course of the month.
What the figures reveal
In seasonally-adjusted terms, the ABS noted that the number of home loans for owner occupied dwellings fell 3.9 per cent. However, in trend terms a 0.4 per cent increase was registered. A total of 46,860 mortgages were granted for buying existing properties, while 3,085 were made available for brand new real estate.
First-time buyer lending stayed unchanged month-on-month at 15.1 per cent, which is good news if you've yet to enter the property market.
Investors take a hit
The figures seem to show that investor lending was particularly short of expectations in January. The market had been strong over the past few years, explained Mr Murray, but investors now seem to be taking a back seat to other buyers.
He continued: "In the three months to January lending in this part of the market was down by around 13 per cent compared with a year earlier.
"On a more positive note, lending to investors purchasing new dwellings was 5.5 per cent higher over the year."
Making your steps onto the ladder
If you've got your sights set on property in Bentleigh East, make sure you give Matt Hurlston a call. The team at Ray White Carnegie know where to find the right property to suit your needs, whether you're a first-time buyer, downsizer or making a real estate investment.
The Bentleigh property market continues to demonstrate remarkable resilience, with strong buyer demand underpinning sales activity despite broader fluctuations across Melbourne’s real estate landscape. Known for its family-friendly atmosphere, excellent schools, vibrant shopping precinct, and convenient transport links, Bentleigh remains one of Melbourne’s most sought-after south-eastern suburbs. Located just 13 kilometres from Melbourne’s CBD, Bentleigh … […]
For many first-home buyers and young professionals, Bentleigh East has become one of Melbourne’s most desirable suburbs. Offering a blend of family-friendly living, excellent amenities, and strong long-term growth potential, it’s easy to see why demand continues to remain high. If you’re considering purchasing your first home in Bentleigh East, understanding the local market can … […]