Anyone considering building new Surfers Paradise property could be in for good news – the number of new home lending commitments occurring across Australia grew over the beginning of the year, which could highlight an overall strengthening of the nation's real estate market.
For example, owner occupier new home lending increased by 0.8 per cent over February. Over the three months ending February, the overall increase in owner occupier loans was 7.2 per cent – a substantial amount of growth for the period.
More impressively, lending commitments among investors building property for resale experienced a rise in popularity. Over the three months ending February, new home lending for investors rose by 13.2 per cent. Housing Industry Association Economist Diwa Hopkins said these results were a great indication that the nation's housing market was continuing to grow in value.
"This strong growth in housing finance is consistent with other leading indicators of the residential construction sector, including dwelling approvals and new home sales," said Ms Hopkins in an April 9 statement.
"A sustained increase in new home building activity which provides Australia with an appropriate supply of housing is a necessary condition for addressing the persistent problems around housing affordability," Ms Hopkins continued.
With the rising strength of the nation's real estate market, now could be a great time to consider building your own real estate in Surfers Paradise.