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Housing finance results show positivity

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Mortgage Choice CEO Michael Russell is “quietly confident” of good results for housing finance in March, following the latest results from the Australian Bureau of Statistics Housing Finance report.

In February, following record low interest rates and improving positive consumer sentiment, the total value of housing finance commitments bounced back, rising by 1.4 per cent on January 2013 and 8.7 per cent on February 2012.

On the results, Mr Russell commented that the results of investment housing finance commitments was positive.

“The total value of housing investment commitments pleasingly rose by 1.8 per cent in February,” he said.

"While the value of investment construction slowed considerably, falling by 12.1 per cent, the value of investment in established property rose by 2.8 per cent.”

For owner-occupied housing, statistics showed that the number of finance commitments rose by two per cent in February, while the value of such commitments rose by 1.2 per cent.

“The best performing state or territory in February by number of commitments was Canberra, which recorded a rise of 8.2 per cent. At the other end of the scale the Northern Territory sadly recorded a fall of 10.2 per cent," said Mr Russell
 
“Nationally, both the value and number of first home buyer commitments in February rose by 0.2 per cent each, hopefully signalling the start of a welcome return of first home buyers to an improving property market.

“All eyes are now focused on whether this is a sustainable trend. Based on the level of enquiry Mortgage Choice is presently experiencing, overall sentiment and improved national auction clearance rates, we remain quietly confident of another good showing for owner-occupied housing finance in March.”

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