An increase in ABS home finance approval figures is a positive sign that the housing market may have turned the corner.
The total value of dwelling commitments recorded in October rose 1.9 per cent, seasonally adjusted, after eight consecutive months of decline.
Both the owner occupied and investor segments saw commitment values rise by 2.4 and 0.7 per cent respectively.
Joe Sirianni, director of Smartline, said it was an encouraging result.
“We’ve certainly seen an increase in our enquiries and have just recorded a pretty strong month so the outlook for the new year is looking positive,” he said.
Low interest rates and the first home buyer incentives were offering buyers “once-in-a-generation opportunities” he said which should bode well for the industry.
“The only real unknown is unemployment, which if it rises could scare people off.”
All in all however Mr Sirianni said 2009 was shaping up to be “a much better year than 2008”.
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