Aussie investors are getting a lot more confident about the future of their savings, with data showing a jump in the number of home buyers in the last six months.
The Australian Bureau of Statistics (ABS) data showed there were 1,816,500 home buyers buying homes last month, up 12 per cent on July.
More than 9,000 people bought a house last month.
Home buyers have been encouraged to take advantage of the low interest rates and mortgage-only loans that have emerged as the only way to get into the housing market.
“Investors are feeling pretty confident about their investment portfolios,” Mr O’Neill said.
Mr O’Neil said people who had never owned a home before, including young people, were buying more homes than ever before.
There were also signs that the property market was heating up.
Real estate agent Peter Pinder said the prices of properties were starting to rise again.
His latest report showed average prices were $1.9 million in July, a 1 per cent rise on the same month last year.
Investors were buying bigger homes, but the average house price had fallen by more than a quarter since the last quarter of 2017.
But that did not mean the average mortgage was falling, as interest rates remained at historic lows.
A total of 2,500 properties were on the market in July.
“You could go to a lot of different people to buy property, but people who were renting had a much higher interest rate than people who could buy,” Mr Pinder told ABC Radio Melbourne.
For the first time since April, more people were renting than buying.
In June, just 8 per cent of people who wanted to buy had properties on the mortgage.
And there were no signs the current housing market was overheating.
Overall, median house prices in July were $3.3 million, a rise of $100,000 or 5 per cent from a year earlier.
While prices continued to climb, there was also a sharp drop in the median price of a detached home.
Property values are a lot lower now than they were in June, but that is largely because the market has calmed down, the ABS said.
“The current rate of appreciation is not as strong as it was a year ago, so people are buying more properties, but not quite as much,” Mr Kelleher said.
“It’s not just about the house price.
It’s also about how well the property is being used.”
There are more people buying than renting in Australia.
Some analysts think the country is finally ready to cool off from the global financial crisis.
They are expecting home sales to drop to about 500,000 this year, down from about 700,000 last year and to 527,000 in 2019.
With interest rates on the rise and mortgage rates at historic low levels, many investors are still keen to make money from the home-buying frenzy.
Many of the properties that have come on to the market this year are owned by family members or close friends.
As the financial crisis has cooled down, people are looking for new places to buy.
Despite the slow start to the year, home prices in Australia have been rising steadily, and many people are still looking for a home.