Century 21 believes that recent increases in home loan approvals and dwelling price growth could suggest ongoing strengthening of Australia's residential property market.
"Over the past month, a number of leading indicators have pointed to improving market conditions, which are encouraging signs leading into spring," said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
"The Australian Bureau of Statistics recently released housing finance figures showing that the number of home loans approved in May lifted by a seasonally adjusted 2.7 per cent.
"In additional, RP Data-Rismark's Home Value Index recorded a 1.6 per cent increase in July 2013, taking the cumulative recovery in capital city dwelling values to 6.5 per cent since May 2012."
The Genworth Homebuyer Confidence Index, which measures homeowner sentiment among mortgage holders, surged 7.2 per cent over the July quarter to reach its highest level on record.
"These statistics, in combination, suggest that confidence levels may be rising which, in turn, could translate to increased buying and borrowing activity in coming months," continued Charles Tarbey.
"With the Reserve Bank reducing the official cash rate by another 25 basis points in August, there is a chance that many more buyers will step off the sidelines leading into spring," concluded Charles Tarbey.
Century 21 encourages prospective buyers that are looking to purchase real estate to ensure they have obtained the appropriate professional property and finance advice before doing so.
For more information about the residential property market in your areas of interest, please feel free to stop by your local Century 21 Real Estate office for clear and expert advice.