New home lending in australia soars 14.6pc

New home lending in Australia soared 14.6 per cent in the final quarter of 2013 year-on-year, according to new figures from the Australian Bureau of Statistics.

The ABS stats show that prices have strengthened across Australia’s cities alongside mortgage lending.

“During December 2013, the number of owner occupier loans for new dwelling construction increased by 0.4 cent, while loans to owner occupiers for the purchase of new dwellings declined by 1.9 per cent during the month,” explains Shane Garrett, Senior Economist at the Housing Industry Association.

“However, in the final quarter of 2013, total new home lending to owner occupiers rose by 2.1 per cent and was 14.6 per cent higher than a year earlier. This is a pretty strong result."