Investors who are looking to purchase a property might find that now is a great time to start looking around for a home, according to new figures from the Housing Industry Association (HIA).
Commenting on recent housing finance figures from the Australian Bureau of Statistics, HIA chief economist Harley Dale observed the prospects for people seeking out a mortgage for investment property is slightly on the increase.
And for those who are keen to build a home, now could also be the right time to make their move, he said.
"If you're financially set to do so, now is a very good time to build a home – we have a very competitive market, lower borrowing costs and greater availability of tradespeople," he said.
He mentioned that while investment loans for existing properties are looking "slightly better" than new builds, there is some opportunity for growth here.
According to the ABS data, the number of seasonally-adjusted loans for the construction and purchase of new homes increased by 5.1 per cent in NSW during the month of September 2012. This was the second-highest figure across all Australian states, exceeded only by Tasmania.
The ABS data also showed growth in the first-time buyer market.
If you're planning to buy an investment property in the Illawarra, MMJ Real Estate is perfectly positioned to help you through the process.
We even offer a diverse and experienced property management team, who can help take care of your rental property – allowing you to make the most of your investment. We understand that your goals will combine achieving the maximum returns with the minimum inconvenience, and our team pledges to go above and beyond to help you get great results from your investment property in the Illawarra.
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