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Jump in new home lending seen over February

By Kevin Kelly

Across Australia, mortgage figures for the construction or purchase of new homes rose over February, offering some confidence for buyers interested in securing their own real estate in Bunbury.

In fact, the Australian Bureau of Statistics'  data found mortgages sought for these properties over the month increased by two per cent.

Housing Industry Association economist Geordan Murray said this result was great, especially against the recent fall in people seeking funds for existing properties in lieu of new homes. This, however, seemed to be the opposite of the investor market.

"Lending figures indicate that the investor market eased by around 3.4 per cent during February, but remained around 9.9 per cent higher than the same period a year ago. The majority of the growth in investor lending has been to those purchasing existing homes," said Mr Murray in a 10 April statement. 

Over February, 90 per cent of investor lending went towards the existing home market. This is an interesting development, which could point towards more people purchasing properties to renovate and see price growth before being sold on. 

Now could be a wonderful time to get in touch with a local Bunbury real estate agent to begin your own property search.

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