Five states experienced housing market growth in January, including NSW, Queensland, Victoria, South Australia and Tasmania, according to research group Residex.
On the other hand, the Northern Territory and Western Australia – outside of Perth – were the worst regional performers for the month. Both regions recorded negative growth in their house, land and unit markets.
But long-time Bunbury mortgage broker Theo Krinos said his office’s experience has been quite the opposite. While noting that Bunbury is one of the larger cities in Western Australia and possibly more similar to Perth than other, less populated areas, he said January was a bumper month.
“We had two tremendous months in December and January … we’re seeing a lot more confidence in the first home buyer market and a few more investors.”
Looking for help getting started? Get it here.
Krinos was so positive about his company’s January fortunes that he estimated the month was one of his office’s ‘top five months ever’. This is after more than twenty years in business.
“I think finally people have realised that interest rates are good, the price of homes is pretty well to the bottom of the market, the confidence is growing – they’re not getting the bad vibes from Europe anymore either. I’ve noticed the clearing rates in Melbourne and Sydney last weekend were about 70% sold, so I think that reflects things across the board.”
Krinos said he expects local house prices to climb in 2013 and is interested to see how this will affect investor interest.
“I think we’ve probably bottomed. I think it will probably stabilise for a while, but they can’t drop much from where they are now – we had a big jump in Western Australia a few years ago and now I think those prices have stabilised.”
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out