January's housing finance data might not have been as strong as the property market would have liked, but it doesn't mean there should be any cause for alarm. This is according to the Housing Industry Association (HIA), which emphasised that lending levels remain healthy across the nation.
The latest Australian Bureau of Statistics (ABS) figures point to a 3.6 per cent fall in loans being granted to owner occupiers compared to the previous month. The HIA indicated that most of this fall was a result of a lack of lending for buying brand new properties.
It's often the case that when you look at figures in a much wider context, they reveal a longer term trend. The HIA compared January 2016 figures with the same time last year to find there's plenty of reason for optimism among buyers of Carlton property.
Year-on-year, lending has increased 6.7 per cent, suggesting that first-time buyers and refinancers are generally better off than they were 12 months ago.
On a three-month basis, the HA revealed that the number of loans granted for buying new homes increased 9.6 per cent in Victoria, making it one of the country's strongest performers. The state ranked second to New South Wales, where a 17.1 per cent increase was registered.
Housing is an important contributor to the national economy, so it makes sense for lenders to do whatever possible to make sure people have access to the finance they need. ABS figures show that in January this year, a total of $20.54million was granted to property buyers.
If you have your sights set on buying Carlton property this year, make sure you give us a call. Our experienced team of real estate agents in Brunswick and surrounding areas are here to help every step of the way.