Press Release 15 March 2010
Homestar Finance bucks ABS trends for home buying activity
Homestar Finance bucks ABS trends for home buying activity
Homestar Finance recorded their strongest month since mid 2008 in January 2010 despite Australian Bureau of Statistics figures for new and existing home loan activity falling for the third consecutive month.
ABS figures released today show that owner occupied housing commitments in January 2010 decreased 2.4 per cent in trend terms and the seasonally adjusted figures were down 5.0 per cent.
Homestar Finance CEO Julian Mitton said higher interest rates and property prices have created a price sensitive market.
“Finding the cheapest home loan has become a deal maker or breaker for many people wanting to buy a property,” Mr Mitton said.
“Despite the latest figures, we have seen a pick-up in activity as people look for the cheapest home loan deal.”
"The good news is that property prices will eventually cool off in the entry level market if people continue to hold back because of higher rates," he said.