Whether you're looking to list your property in Brunswick on the market or snap up a piece of Coburg real estate this year, new data released by the Australian Bureau of Statistics (ABS) might be encouraging for you.
According to the information, the number of home loans approved in Victoria increased by 9.03 per cent in November 2013, year-on-year. This could signal accommodating financial conditions have stimulated more buyers to enter the market and buy a home.
Nationally, November recorded the highest number of home loan approvals for any month over the last four years, indicating that people are becoming more confident about the housing market.
"Low interest rates certainly do encourage people to buy but the RBA's stable approach to the cash rate has given people added confidence in planning their repayments now and in the future," said Loan Market Director of Sales Mark De Martino in a January 13 statement.
Mr De Martino noted there could potentially be a cash rate rise sometime this year, which has been anticipated by lenders increasing fixed home loan interest rates in advance of this occurrence.
If you're looking to secure you and your family a new home for the new year, take advantage of the current great economic conditions and start your search today.