Home Loan Repayment

Sales for new homes surged by 9.5% in January 2010, underpinned by strong interest from second homebuyers and investors, according to a survey of Australia’s largest residential builders. HIA’s New Home Sales report shows sales of privately-owned detached houses climbed by 10.1% in January – the first decent result since August last year.

Multi-unit sales recorded a second consecutive increase in January (rising 4.1%) following a 14.5% jump in December 2009. “The January result was an encouraging early sign that upgrading owner occupiers and investors may be coming into the new home-building market in sufficient numbers to offset the withdrawal of stimulus to first-time buyers,” said Harley Dale, HIA chief economist. “If we were to get a sustained improvement in new home sales over the first half of 2010, then that would suggest a second round new housing recovery is achievable, driven by private demand from upgrade buyers and investors.

“The January new home sales result is a promising start in this regard. However, it is vital to see evidence of a second round recovery emerge in coming months in what remains a very challenging period for residential construction,” he added. Detached new home sales rose by 3.1% in NSW, Victoria surged by 17.1%, Western Australia jumped 12.2%, Queensland was up 6.3% and there was a 6.6% increase in South Australia.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan