Century 21 believes that the increase seen in mortgage lending over July 2013 could foreshadow further improvements within Australia's residential property market.
"Housing finance data released by the Australian Bureau of Statistics (ABS) shows that the number of owner occupied housing commitments increased by a seasonally adjusted 2.4 per cent in July as compared with June 2013," said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
"This upward movement is positive news for the residential property market and we believe that further improvements could be seen over the coming months as the impact of the August interest rate cut becomes more evident."
The ABS' figures showed that the number of loans for the purchase of new homes increased by a seasonally adjusted 5.9 per cent in July 2013, to be up 52.1 per cent on July 2012.
Recent statistics from RP Data also highlighted robust auction activity in several key markets around Australia, with Sydney and Melbourne recording auction clearance rates of 84.3 per cent and 73.6 per cent, respectively, over the weekend.
"While no one can predict with any degree of certainty how Australia's residential property market will play out over the coming months, the latest housing finance, dwelling value growth and auction clearance rate statistics are certainly encouraging signs as we move further 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.