Real Estate Institute of Australia (REIA) President, Mr Hayden Groves welcomed the return of home buyers but said that whilst the latest new owner occupier loan commitments for housing has grown, it remains worryingly low for future trends.

The RBA kept the cash rate on hold at 4.1% for the fourth successive month in October, citing ‘a more sustainable balance between supply and demand in the economy’, but also ongoing concerns about inflationary pressures and a heightened level of uncertainty surrounding the economic outlook.  

“The number of loans issued for the construction or purchase of new homes are at their lowest level since the Global Financial Crisis in 2008,” stated HIA Senior Economist Tom Devitt.

According to John McGrath, Chief Executive Officer of McGrath Estate Agents, we’re now seeing the highest number of properties going to auction this year, as more new listings flow onto the market this Spring.