New home lending rises in australia

Photo credit: 8LettersUK

New home lending climbed in April, according to new figures from the Australian Bureau of Statistics.

The number of loans for new homes to both owner occupiers and investors increased by 4.3 per cneet and 1.6 per cent respectively.

The results included an increase in lending for investment in new residential dwellings which took the annual value to in excess of $9 billion for the first time ever.

ABS figures broken down by region continue to highlight wide disparities in new housing conditions. The total number of owner occupier loans for new housing increased in six out of eight states and territories in April 2015, with Western Australia, Tasmania and the Australian Capital Territory recording a fall.

"The number of first home buyer loans for owner occupiers remains low, but is running at its highest annual level in a year, although that of course excludes those first time buyers entering the investment market," comments HIA Chief Economist Dr Harley Dale.

"In April 2015 the number of trade-up buyer loans reached its highest level since prior to the GFC."