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Finance commitments down; investor interest up

By Staff Reporter
11 September 2009 | 1 minute read

Data from the Australian Bureau of Statistics has revealed a slowdown in the rate of growth of finance commitments.

Total finance commitments rose 0.5 per cent in July, the lowest growth since August 2008.

“This figure reflects a decline in first home buyer activity, which decreased from a high of 27.1 per cent to 25.2 per cent,” Real Estate Institute of Australia chief executive officer Neil Fisher said.

Despite remaining well above the long term average of 20.1 per cent, Mr Fisher said the decline is an indicator of what can be expected between now and the end of the year as the First Home Owner’s Grant boost is phased out.

“The gap in the market left by first home buyers is already being taken up by increased investment interest,” he said.

“The value of investment housing commitments was up by 1 per cent in value terms. This is the sixth consecutive month that purchases of dwellings for investment have increased.”

Finance commitments down; investor interest up
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.