There was an increase in the commitments to construct new Australian property in November 2009 compared to the previous month, according to new figures.
Commitments to construct new dwellings increased by 2.8 per cent, with Australian property investment rising by 0.8 per cent over the same period, the latest data from the Australian Bureau of Statistics showed.
However, first-time buyer commitments as a percentage of total housing finance commitments fell by 22.1 per cent in November.
The value of dwelling commitments fell by 1.6 per cent, according to seasonally-adjusted estimates, dropping to AUS$22,822 million (£13,035 million) for all dwellings, figures showed.
JP Morgan economist Helen Kevans said she expected housing finance numbers to weaken over the next few months in response to higher interest rates.
Speaking to the Herald Sun, she said: "We had expected quite a significant drop given that we had seen the Reserve Bank Australia hike interest rates twice in two months ahead of this November data."
Commitments to construct new dwellings increased by 2.8 per cent, with Australian property investment rising by 0.8 per cent over the same period, the latest data from the Australian Bureau of Statistics showed.
However, first-time buyer commitments as a percentage of total housing finance commitments fell by 22.1 per cent in November.
The value of dwelling commitments fell by 1.6 per cent, according to seasonally-adjusted estimates, dropping to AUS$22,822 million (£13,035 million) for all dwellings, figures showed.
JP Morgan economist Helen Kevans said she expected housing finance numbers to weaken over the next few months in response to higher interest rates.
Speaking to the Herald Sun, she said: "We had expected quite a significant drop given that we had seen the Reserve Bank Australia hike interest rates twice in two months ahead of this November data."
