Consistently high clearance rates and positive data from the Australian Bureau of Statistics (ABS) are pointing towards a consolidation in the housing market.
ABS figures released this week show that finance commitments, excluding refinancing, were at their highest level for the past 18 months.
Real Estate Institute of Australia (REIA) President David Airey the ABS figures were a strong sign of a healthy property market ahead.
“Other positive signs are the increasing level of investors in the market and the first signs that the influence of the first home owner grant boost is beginning to abate,” he said.
The value of investment housing commitments rose again in June, following increases in each of the previous three months, the number of first home buyer commitments as a percentage of the total also declined, according to the ABS.