Melbourne’s housing market has started showing signs of picking up, with new data revealing a 1.8 percent year-on-year increase in mortgage approvals in the first four months of 2011.
According to data from the Australian Bureau of Statistics, there were 51,150 commitments transacted during this period, an increase from 50,603 in the previous year.
“This is an encouraging sign for the housing market, considering early-2010 was characterised by high levels of buyer activity,” said Dr. Andrew Wilson, Senior Economist for Australian Property Monitors.
He added it is a positive sign when the April numbers are considered, as there was a 7.5 percent increase in approvals.
To contact the journalist, you may send your message to editor@propertyguru.com.sg