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Housing market rises in west

COnfidence is strong in all property markets accross Australia, and at it's highest level in the Perth Market, as discussed in this article.

INVESTORS are moving back into the housing market, with Western Australia's booming real estate values attracting most of the interest.

They borrowed $6 billion in March to buy property, the biggest monthly commitment since December 2003.

Individuals borrowed $4.7 billion while developers and corporate investors borrowed close to a record $1.3 billion for new and existing properties.

The investment property boom peaked in October 2003, when $7.5billion was borrowed, but has held at a rate of about $5.5 billion a month since the housing bubble was pricked by two rises in interest rates.

Westpac senior economist Andrew Hanlan said the rise in property investment had been concentrated in Western Australia, where prices had risen by 30per cent over the past year.

There have also been signs of more owner-occupiers entering the market, with a 0.7 per cent rise in home loans last month, ahead of the Reserve Bank's interest rate rise.

- west, perth, market, property

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