Australia’s home buyers are shrugging off rising interest rates to purchase well-priced properties, according to new research.
The latest data from the Australian Bureau of Statistics found the number of home loans issued last month rose to a 12 month high.
The total value of dwelling commitments rose by 1.2 per cent, pushed along by a 2.9 per cent rise in the value of owner occupied housing loans.
First home buyer finance was also on the increase, reaching 15.6 per cent of owner occupied housing finance commitments for November 2010 after a fall to 15.4 per cent in October.
Mortgage Choice spokesperson Kristy Sheppard said it was pleasing to see dwelling commitments rise after the 0.4 percentage rise in standard variable mortgage rates in November.
“With housing price growth having slowed alongside our continued strong population growth and healthy employment situation, it is fair to say that there are plenty of opportunities out there for buyers who do their research, are confident of their finances and can withstand possible future interest rates rises,” she said.