Traditionally, home loans have been a strong indication of how the real estate sector of the economy is tracking on a local and national level. Over the course of the year, these numbers fluctuate however overall quarterly trends are important to show the level of activity circulating the sales market.
ABS home loan data is reporting the number of loans for owner-occupiers in Australia fell by 0.7 percent seasonally adjusted over November. All states recorded falling home loans over November with the exception of Victoria which increased marginally by 0.6 percent, with Queensland down 0.2 percent. Loans for residential investment In Australia also fell over November down by 0.2 percent seasonally adjusted.
Marketplace activity has been strong over the Christmas period with January’s listing numbers steadily rising. Auctions have been driving the marketplace too, with a record 1849 auctions in Brisbane between September and December, well up on the 1425 listed over the same period in 2013, and open home attendance has been strong.
So what does this mean for the Queensland marketplace? It could be that more cashed up buyers have entered the market in the last quarter, or that banks themselves are less eager to lend. With the state election in 2 weeks time, there will certainly be a slight market softening however I would definitely suggest that the momentum already visible this year will continue into the Easter selling season!