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The Australian mortgage market has tentatively started to recover from the effects of the global financial crisis, a new survey has found.
According to a consumer survey by Datamonitors, lending commitments in Australia have bounced back after a sharp fall in 2008, thanks to unusually high first time buyer activity.
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A review of the last decade reveals that in July 2000 lending commitments of $7.5 billion were granted in comparison $22.5 billion in 2009, representing a Compound Annual Growth Rate (CAGR) of 12.9 per cent over the past nine years.
The increasing number of first home buyers helped contribute to the CAGR and the economy escape from the global financial crisis relatively unscathed.
The number of grants distributed in 2009 is currently 46 per cent greater than the same time last year and 28 per cent greater than the number dispensed by the end of November 2007.
