Home loan approvals up in October as first home buyers weigh in
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Home loan approvals up in October as first home buyers weigh in

The lending patterns over the month follow on from the RBA’s decision to pause rates in October

By KANEBRIDGE NEWS
Mon, Dec 4, 2023 12:49pmGrey Clock 2 min

Lending for housing is on the rise, new data from the ABS reveals. Statistics released today show lending for housing rose 5.4 percent seasonally adjusted in October, up from an increase of 0.6 percent in September.

Owner occupiers saw the highest increase over the month, up 5.6 percent compared with loan commitments for investors at 5 percent. The stronger results may reflect the pause in interest rates over October.

The RBA declined to increase the cash rate at its board meeting in October, giving those entering the market confidence that rates may have peaked. However, at its November meeting, the board announced interest rates would increase a further 0.25 percent, bringing the rate up to 4.35 percent.

The number of first home buyers gaining approval for new loans was up 6.2 percent in October, compared with 5.0 percent for investors, seasonally adjusted.

In terms of the differences between owner occupiers and investors, there’s a clearer contrast over the past 12 months, with loan commitments for investors up 12.1 percent compared with a much more modest 1.4 percent for owner occupiers. Among owner occupiers, the value of new home loans commitments by first home buyers rose 11.8 percent over the 12 months.  

Construction of new dwellings was up 9.1 percent over the month, although it is still -19.5 percent down over the 12 months to October 2023. Purchase of newly erected dwellings was up 1.7 percent, compared with -5.3 percent over 12 months and purchase of existing dwellings 



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only
Contact: William Brush, LJ Hooker Dural 9651 1566 

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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