‘Green shoots’ have broken through the frozen soil of the mortgage industry, Mortgage Choice CEO, Michael Russell, assured attendants to the aggregator’s financial review this morning.
Russell argues that media headlines have the tendency to mislead readers and says the broker's own data actually suggests a general uplift in the property market.
“You read the headlines published month by month on the level of housing finance put out by the ABS; they’re quite misleading. While there are some concerning trends in the volume of home loans being written, we haven’t had a month where the total value of new home loans written has gone below $20.5 billion…October was the highest since November, 2009. If you’d read a lot of the media, you wouldn’t realise the value of new home loans written is in the black.”