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Mortgage approvals hit pre-COVID levels months ago

New Australian Bureau of Statistics housing finance data shows that mortgage approvals across the country hit pre-pandemic levels in July.

Finder.com.au points out that approved mortgages rose to 28,322 in July, up from 25,713 in June.

“Judging by the surge in activity, plenty of Aussies are fired up about property again,” insights manager at Finder, Graham Cooke said.

“The housing market is also benefiting from the pent-up demand released with the restarting of auctions and inspections in several places.

“The full economic impact of COVID-19 has yet to be realised, but Aussies are unshakable in their love of housing,” he said.

Finder’s latest Consumer Sentiment Index shows 59 per cent of the 17,000 Australians surveyed believe now is a good time to buy property. This is ‘broadly in line’ with the pre-pandemic monthly average.

Mr Cooke also notes that the rate will increase once borders open and restrictions are further lifted.

“There are hundreds of Aussies with a deposit saved, watching properties and the housing market and ready to strike,” Mr Cooke concluded.

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