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Home lending dropped in May

New figures have revealed a drop in Australian new home lending in May.

ABS Housing Finance figures released today (June 11th) show new home lending slipping back again in May 2012, indicating an ongoing problem with the Australian property market, the Housing Industry Association (HIA) has claimed.

 

 

The number of loans for the purchase or construction of new properties fell by 2.4 per cent over the course of the month, on a seasonally-adjusted basis.

 

 

HIA chief economist Harvey Dale described the results as "disappointing" and indicative of some underlying weakness in the market.

 

 

However, he stressed that there are also positives to be seen when looking at the last three months overall.

 

 

"A modest lift is evident for new home lending over the three months to May this year and that is reflected in increases across all states and territories," explained Mr Dale.

 

 

Master Builders Australia also expressed its concern at the latest figures, with chief economist Peter Jones arguing they indicate low buyer confidence across the country.

 

 

Posted by Steve Douglas

 

 

- lending, homes, property, banks, building

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