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ISCOVER
Staff Reporter
After a sluggish 12 months, the Queensland property market looks to be bouncing back.
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According to new data from Loan Market Group, loan approval figures were up 10.1 per cent in Queensland over the last month.
The story was just as positive in Western Australia, where loan approval numbers were up 17.21 per cent.
“The home loan market is recovering, albeit at a cautious pace, from the low points it reached last year,” Loan Market spokesperson Paul Smith said.
“States such as WA and Queensland have led the way and these numbers are in line with the positive economic indications in these states such as trade and consumer confidence figures.
“While we’re seeing an increase in the uptake of loan approvals in this ABS data there is a heightening expectation that this spring will host a surge of activity. The latest RBA rate cuts should attract consumers as well as save money for existing home owners.”
Mr Smith said there was also strong activity in Australia’s top end with home loan approvals in the Northern Territory 18.43 per cent higher than the average of the previous six months.
“At the other end of the scale, Tasmania was down 9.81 per cent over the same period despite seeing a 3.23 per cent rise in August 2012 from July, 2012,” he said.
