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Investors propping up property market

13/07/2010

The number of home loans sold in May went up, surprising many analysts who were expecting more signs of a cooling housing market. The number of new owner-occupier loans was up 1.9 per cent and the number of new investment mortgages was up 2.6 per cent.

The value of new mortgages issued for investment purposes reached $7.66 billion, the highest monthly figure since before the global financial crisis in January 2008. However the total value of new loans is still near nine year lows, suggesting property markets will remain subdued this year.

Source: The Age



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