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Property loan approvals rose in September

Australian Bureau of Statistics information published today shows that more property loans than expected were approved in September.

Figures published today by the Australian Bureau of Statistics show that the number of home loans approved in September rose by 2.2 per cent to 51,821, a larger increase than economists had anticipated.

 

 

The forecasts from industry experts had foreseen a 1.5 per cent rise in housing finance commitments for the month. However, the data shows that construction of new dwellings dropped by 0.2 per cent and the purchase of new homes fell by 0.7 per cent.

 

 

Talking to the Sydney Morning Herald, JP Morgan economist Ben Jarman said the news showed "there was still life in the housing market".

 

 

"With the economy projected to pick up speed in the next 12 months, together with the fact that demand for houses far outstrips the supply in Australia, investment in housing will continue to grow," he said.

 

 

Earlier in the week (November 7th), property analyst BIS Shrapnel predicted the land and property market would see increased activity over the next two years.

 

 

Posted by Steve Douglas 

- approvals, loan, banks, property, building, ABS

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