Oz real estate given a boost

Real estate in Australia has been given a boost by an influx of first-time buyers, with sales jumping 11 per cent in August.

Figures from the Australian Finance Group (AFG), reported by Property Wire, show that buyers are flooding to the market while the Reserve Bank keeps interest rates on hold.

The report also highlighted that there is greater competition between mortgage lenders on price and policy, which is benefiting property investors looking at property in Australia.

"With property prices in many areas having stabilised, and some lenders prepared to lend up to 95 per cent of the property’s value, property is becoming more accessible to first home buyers and more attractive to investors," said Kevin Matthews, executive director for mortgage broker AFG.

Recently, Reuters reported figures from property research firm IPD that highlighted returns from Australian property investments jumped nearly six-fold over the second quarter of the year.
 

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