Whether you're after property in Brunswick or any other side of Melbourne, availability is always an important factor. Having a vast array of choices to pick out of and finding something that suits your needs is something every home buyer deserves. That being said, it doesn't mean that it's what home buyers are always getting; particularly in the last few years when demand has been bursting at the seams while supply has struggled to keep up.
Fortunately, a 1 December report from the Property Council of Australia shows that new building approvals in the region have surged strongly. Citing figures from the Australian Bureau of Statistics, the release shows that in October, there were 19,652 approvals recorded – an increase over previous months. Victoria experienced the greatest growth, seeing a 3.9 per cent jump over this period.
The healthy spike of residential building approvals comes nicely in conjunction with the cash rate decision.
In 1 December, the Reserve Bank of Australia (RBA) elected again to keep the rate at 2 per cent. RBA Governor Glenn Stevens has attributed this decision to the continued need for a high level of consumption. This should, of course, help to stimulate growth in the economy, particularly in the busiest month of retail and commerce.
While several lenders have moderately hiked interest rates on home loans, lending conditions still remain fairly accommodative. This will help to continue driving building activity as financing gets poured into new housing. Furthermore, this low cash rate will be needed to push homes along from the planning to commencement stages.
Looking for real estate in Brunswick? Get in touch with Ray White Brunswick and our team of experts will ensure you get a look at some of the finest homes in the area.