After a dour 2011, the WA property market is poised for recovery thanks to a second resources boom. According to the latest Your Mortgage Index, compiled from user activity statistics from independent mortgage comparison website Yourmortgage.com.au, homebuyer enquiries for Western Australia were down almost 8 per cent in April compared to 12 months ago. But data from the Real Estate Institute of Western Australia (REIWA) suggests the market is staging a comeback.
Around Australia, ongoing economic uncertainty is influencing more homeowners to stay put and ride it out with a decline in the proportion of enquiries from those looking to move house compared to 12 months ago. Over the same period, the Your Mortgage Index shows a close to four per cent increase in the proportion of enquiries from homeowners looking to refinance to get a better deal on their existing loan.
Pending the RBA’s widely expected rate cut announcement this afternoon, we can expect these figures to rise in coming months as lenders compete to provide the best value loans.
The Your Mortgage Index is compiled monthly from information gathered from Yourmortgage.com.au user activity.
Launched in 1995, Yourmortgage.com.au provides daily updated interest rate information to Australian home and investment borrowers to assist them in finding the loan that suits their needs. Attracting 165,000 visits per month, Yourmortgage.com.au is a one-stop resource for home buyers and property investors seeking the latest property news, free reports, price comparisons and loan calculators. Yourmortgage.com.au features more than 1,400 Australian home and investment loan products from over 80 lending institutions. In addition, users can access exclusive video interviews with industry leaders on Your Mortgage TV, and join the latest discussion on the Your Mortgage forum.
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