After years of lacklustre growth and poor buyer confidence it seems property markets have well and truly turned a corner. New analysis shows real estate is on the rise in most parts of Australia. The latest data from Australian Property Monitors shows the national housing market has recorded its strongest gain in more than three years. National median house prices rose 2.8 per cent over the June quarter, now sitting just above $560,000. That’s up more than five per cent in the past year alone. And that’s the third consecutive quarter of growth for the housing sector. Units also performed well over the three months to June, with the national median up by two per cent. Melbourne and Sydney are leading the recovery charge, while Perth and Canberra also recorded their highest ever median house prices.
In other news – a recent survey found more men than women intend to invest in property in the next 12 months. RateCity’s research shows 63 per cent of males plan to buy a property over the coming year. That’s compared to 37 per cent of women. The study also found younger people are more willing to enter the market compared to a year ago and on top of that, there was a three per cent overall increase in people intending to buy property. So – more signs of growing confidence.
And finally, the mortgage market has seen an increase in activity from non-major lenders driven mainly by investors. The share of loans processed by non-major lenders rose more than four per cent to 24.8 per cent. There are some good deals out there at the moment and competition between lenders is growing.