Competition for new property in Bellmere could soon reach new heights, as the latest lending figures show more loans are being approved for this type of real estate. According to data from the Australian Bureau of Statistics (ABS), the seasonally adjusted number of loan approvals for new properties increased 1.6 per cent in seasonally adjusted terms between March and April.
People aren't just keen to get their hands on recently built homes either, as the data also reveals a keenness for construction loans. Over the same period, approvals for this type of mortgage were up 4.3 per cent month on month.
This could bring some good news to the construction sector, which apparently continued to struggle last month. The latest Australian Industry Group/Housing Industry Association (HIA) Australian Performance of Construction Index showed that construction activity registered a reading of 47.8 in May, up just 0.8 points from the previous month.
Residential construction continues to perform well, as HIA chief economist Harley Dale explained that detached housing approvals are above average. There are also high hopes for the medium and high density sector, which he revealed is "setting fresh records".
Mr Dale continued: "The immediate outlook is positive and activity is not going to drop all of a sudden.
"There are roadblocks, however, that will cap detached and semi-detached housing at lower levels than demand requires."
For the time being at least, it seems that homebuyers are keen to see what the new-build market has to offer. If you're one of them, be sure to speak to the team at Ray White Caboolture for help with your purchase. We have years of experience in pairing people with both new and established homes and are here to listen to your requirements, no matter what they might be.