Industry watchers evaluate new residential property data
Responses to the Australian Bureau of Statistics' (ABS) release of February's housing values, investments, construction and purchase figures on Monday (April 15) have been mixed.
Master Builders Australia (MBA) noted in particular that the seasonally adjusted number of dwelling commitments rose two per cent, and the number of residential property purchases edged forward 0.6 per cent.
MBA chief economist Peter Jones said that they were welcome changes but the industry would need to see more of the same.
"The industry needs a sustained run of positive figures to cement a recovery and allow it to really build a head of steam," he explained.
"The concern is today's figure could be another in the volatile series of rises and falls witnessed over the past year."
In a statement, the Real Estate Institute of Australia (REIA) responded to the ABS release with comments about how the interest rate cuts were not drawing owner-occupiers back to the market, although investors were more responsive.
February is the fifth consecutive month to show a decrease in owner-occupied finance commitments (refinancing excluded), falling by 0.5 per cent.
Withdrawal of first time buyer support by multiple state governments has been partially attributed for this drop.