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.
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.
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."
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.