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150,000 new homes to be built in 2013

The Australian property market is set to return to a level of performance not seen since before the global economic crisis.

The Australian property market is set to return to a level of performance not seen since before the global economic crisis, with around 150,000 new homes expected to be built next year, according to The Australian.

Property prices are also set to strengthen in the wake of the recent interest rate cuts, with NAB predicting an increase of between five and seven per cent in 2013.

The cuts have already led to a “significant” improvement in mortgage performance across the country, with ratings agency Fitch reporting a fall in the number of borrowers falling behind payments to 1.36 per cent in the last quarter of 2012, compared to 1.54 per cent in the previous three months.

This has led to a dramatic increase in both loan applications and building approvals in the final weeks of the year, prompting economists to forecast a highly successful 2013 for the property market, with around 15,000 more new homes set to be built than were constructed this year.

- construction, property, mortgage, building

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