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The mean price of residential dwellings rose $17,700 and the number of residential dwellings rose by $37,300 in the December quarter, according to the ABS, which also reported Sydney house prices rising 4.7per cent in the quarter. Melbourne and Brisbane prices were up 2.6 and 2.8per cent respectively.“Current conditions in the economy may be stronger than the RBA thinks,” said Adam Boyton, an analyst at Deutsche Bank. “The economy should return to a trend pace of growth in the first half of this year.”
An increasing number of professional forecasters mortgage repayment calculator are tipping the ReserveBank will be forced into its first official interest rate rise before the end of the year.
Despite the overall strength, the share of first-home buyer commitments rose just 0.4per cent to 12.7per cent in December.
SQM Research managing director Louis Christopher said the banks had loosened lending conditions and first home buyers were able to borrow up to 95per cent, however that home loan calculator was not enticing first-time buyers to market.
“It’s not anything like what we saw in the US a few years ago, we’d never get to that point, but the loan-to-value ratios are creeping up,” he said.
Real Estate Institute of Australia president Peter Bushby said the first home buyer figure was alarmingly lower than the long-term 20per cent average, despite eight interest rate cuts since November 2011. “December 2013 results highlight the need for government to act on housing affordability and to stem the rapid decline in the number of first home buyers,” he said.