The number of Australians looking for home loans online is expected to hit over 3.6 million this month, with record numbers of settled loans anticipated for October.
Our Housing Affordability Sentiment Index for 2013 showed the national property mood climbing, and the appetite for borrowing underscores this
Home loan comparison site finder.com.au is reporting the search frenzy, and adds that 2.21% of all home loan searches through Google turn into settled loans three months later, based on the average per month since January this year.
The number of settled home loans is forecast to reach almost 63,000 for October; the highest number since November 2007.
“We are finding Internet traffic is a very powerful tool in predicting consumer behaviour,” said finder.com.au’s Michelle Hutchison.
“Whether it’s a pair of shoes or a home loan, the internet is where most people now start their shopping journey by learning about products, asking questions – we’ve answered over 7,000 on the site to date – how others review them and how they compare in the market.
“Because we’re seeing so much activity online with Australians shopping for a home loan, there’s no doubt that this home buyer frenzy will continue this mortgage season.”
Auction clearance rates are also climbing, with Australian Property Monitors reporting a 31.2% year-on-year increase for units and a 23.5% increase for houses in September.
All capital cities are on the up, with Sydney leading the charge with a 75% auction clearance rate for August; the highest rate recorded for Sydney since 2009.
*Source: finder.com.au analysis of ABS data and Google Analytics
originally posted on realestate.com.au