Home loans for buying a house up in Victoria
Residential property loans in Victoria are outstripping the rest of the country.
After a 1.7 per cent rise in the number of loans in February, the state is now sitting on a 26 month high, according to Master Builders Association of Victoria.
"Once again, our state has outperformed national trends, with the number of Australian home loans just 1.5 per cent higher in February than the same time last year," said Master Builders’ executive director, Brian Welch.
First time buyers have been more active in the market recently, and although this trend slowed in February, both the number and value of home loans in the region have been slowly regaining ground lost from the last two years.
Mr Welch said in a statement: "The value of home loan approvals across Victoria climbed to nearly $3.8 billion, which is the highest point since last June and the second-best monthly result since the global financial crisis."
While building approvals in the state were down in February, the association has pointed out signs of "cautious optimism" in the sector, with new data showing growth in home renovations, non-residential construction and total building works in 2012.