New home loans edge up down under

The number of loans for those purchasing and building new homes edged up slightly Down Under in February.

Figures from the Australian Bureau of Statistics show that loans rise 2 per cent, which the Housing Industry Association hails as "a relatively positive result".

Overall, the number of loans to owner occupiers buying established homes, excluding refinancing, fell by 0.9 per cent in February 2015 from January 2015, and by 4.9 per cent from February 2014.

"Lending figures indicate that the investor market eased by around 3.4 per cent during February, but remained around 9.9 per cent higher than the same period a year ago," comments Geordan Murray, HIA economist. "The majority of the growth in investor lending has been to those purchasing existing homes. In February over 90 per cent of lending to investors went into the existing home market."