Property market bounce back
Australians are getting back into the property market after delaying buying decisions during the Federal Election campaign, according to mortgage broker X Inc, which experienced a 50 per cent increase in home loan enquiries last month.
And enquiries in January are keeping pace and are expected to exceed December growth levels by another 30 per cent.
Commenting on the increase, X Inc boss Jennifer Nielsen said rising interest rates and all-time high petrol prices have failed to deter prospective borrowers.
“Perhaps surprisingly, potential borrowers are reasonably optimistic and have not been deterred by a host of negative factors, such as the housing affordability crisis, rising interest rates and high petrol prices,” she said.
While home loan enquiries typically increase with New Year optimism, 2008 has already seen an increase in the quality of enquiries, according to Nielsen.
She said more customers are keen to speak directly to a broker, which indicates a serious buyer.
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