Real Estate Institute of Australia (REIA) President, Mr Peter Bushby says the November 2012 housing figures released by the Australian Bureau of Statistics (ABS) show that the modest response to the interest rate cuts of May, June and October has continued.
Housing finance figures for November 2012 show, in trend terms, that the number of finance commitments has increased by a very modest 0.4 per cent, following the 0.5 per cent increase in October.
If refinancing is excluded, the increase in trend terms for November is 0.4 per cent, compared to the October increase of 0.6 per cent and is the smallest increase for the last seven months.
“In trend terms, increases were recorded in Queensland, Western Australia, Victoria, the Northern Territory and the Australian Capital Territory. The largest increase was in the Northern Territory, up 2.1 per cent in trend terms whilst declines were recorded in South Australia (0.6 per cent) and Tasmania (0.5 per cent).