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March had the highest uptake of home loans nationally since November 2009, according to an analysis of ABS figures by mortgage broker Loan Market. Paul Smith of Loan Market said every state has shown month-on-month growth for the first time in 2013. In total, about 48,000 loans were taken out in March, up 5% on February and the highest in 40 months. He said the reductions to interest rates in May should provide a further boost to the rising trend.
Around 80% of property consumers believe now is a good time to buy. RP Data's survey of housing market sentiment for May found an upward swing in expectations for housing market conditions. RP Data found 41% expect housing values to rise while 50% expect them to remain steady.
New home sales rose in April, according to the Housing Industry Association. A survey of high-volume builders showed sales increased 3.9%, taking monthly sales to a level not seen in more than a year. The result was driven by a 6.7% lift in detached house sales. "Recent developments in new home sales are encouraging," said HIA senior economist Shane Garrett. "The important detached-house segment of the market continues to climb and this improvement has largely been broad-based across the states."