Sydney Morning Herald: Housing loan data is positive, housing market is picking up
Sydney Today, March 3th, Australian Eastern Time, there are signs that buyers in the Sydney real estate market are becoming more active. As of this week, the main indicator is the clearance rate of the housing auction market. With the increase in the number of houses offered to the auction market, the auction clearance rate on Tuesday has risen from 17% in December last year to 12%.
Since the end of 2011, buyer sentiment has improved a lot, although the current clearance rate is still lower than that of the same period last year, this comparison is a bit problematic, because the market conditions have changed since then. One indicator—the number of houses offered to the auction market each week—has been relatively low. This may be because sellers prefer private transactions rather than auction markets.
The latest housing loan data from the Australian Bureau of Statistics also shows that the market is more active. The results of the data are encouraging, although the amount of housing loans approved in the NSW in January fell by 1% compared to December last year after excluding seasonal factors. Due to the fall in stamp duty on December 12 at the end of last year, the number of first-time home buyers surged, which affected the country’s housing loan data in the second half of last year. Yes, it is interesting that this had a collateral effect in January this year, when 6.3 housing loans were approved, which is the second highest level since October 12 and second only to the level in December 31. The amount of housing loans in January increased by 1% over the same period last year. (Ivy)