Western Australia Detached House Sales Rise 23.5% in June: Highest Growth Since Global Financial Crisis

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Reputable Rockingham mortgage broker, James Eaves, of The Mortgage Gallery Rockingham, confirms statistics, explains effects for prospective home buyers.

The Mortgage Gallery Rockingham

We’ve certainly had a busy month. We have anticipated a sign that housing was going to start catching up to the rest of the Western Australian economy, and this could be the beginning of a lot of movement in the housing market.

According to a recent report by the Housing Industry Association, the sales of detached homes in WA rose 23.5% in June. They also announced that, largely on the strength of the June sales, the growth rate for the June quarter was 9.3%. As has been the norm, the WA stats were an outlier compared to national growth, which showed 0.7% growth during June, with a fall of 1.1% for the June quarter.

Homes rose 4.4% in South Australia in June, while falling 11% in Queensland, 9.6% in Victoria, and 2% in New South Wales. Victoria managed a 9.8% rise during the quarter, while they fell 21.1% in Queensland, 8.2% in South Australia, and 6.2% in NSW.

The Mortgage Gallery Rockingham does not release exact figures, but reports that they are seeing a rise in mortgages commensurate with the current statistics. According to James Eaves, mortgage broker at leading mortgage broking firm, The Mortgage Gallery Rockingham, “We’ve certainly had a busy month. We have anticipated a sign that housing was going to start catching up to the rest of the Western Australian economy, and this could be the beginning of a lot of movement in the housing market.”

Eaves was asked to elaborate: “I don’t know if we’ll ever see a return to the carefree days before the Global Financial Crisis, but I think we are coming into a period where people aren’t letting fear make their decisions for them. In the last few years, as every economic indicator was falling, there has been a lot to be afraid of, and nobody wanted to buy anything, including a house. “

Eaves continued, “Now, as the economic indicators are rising in Western Australia, consumers have more confidence, and many are finally beginning to feel comfortable with making decisions to help them move forward in life. A lot of people were fortunate just to be able to tread water the last few years, and they knew it. Finally, it is beginning to look as though a full recovery could happen. “

Eaves was asked if he had any advice for prospective home buyers. He had this to say: “If you’re thinking of buying a home, now is the time to do it. With the exception of the last few years, Real Estate has always been a solid investment. Because of the economy, consumers, rightfully so, had a ’wait and see’ attitude toward buying a house the last few years. Thankfully, it finally looks like buying a home will be the same great investment it has been for most of our lives.”

Eaves concluded: “Prices haven’t gone up much yet, but history says they will. Interest rates are about as low as they are going to get. If anyone is trying to decide whether to buy a home, waiting too long to decide could end up costing them a lot of money as prices rise and interest rates eventually go back up.

James Eaves has over 16 years experience in the finance industry, serving primarily the Rockingham, Kwinana, and Cockburn areas. His experience and knowledge will help you find the right home loan to fit most financial situations. For more information, his website can be found here: http://www.jameseavesmortgagebroker.com.au/ or you may contact him at 0400 204 408.

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