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Rate cut takes pressure off new home lending in SA

The Housing Industry Association in South Australia has claimed the rate cuts in December helped revive the property market.

The South Australian property market was given a boost by rate cuts from the Reserve Bank of Australia (RBA), according to the Housing Industry Association (HIA).

 

 

Finance for new homes improved in November 2011 despite the fact that volumes remain fairly low overall, the industry body claimed.

 

 

Robert Harding, HIA executive director for South Australia, said the RBA's decision to cut interest rates in November relieved some of the pressure on the industry and saw construction and new home purchasing loans rebound from a disappointing October result.

 

 

The number of loans for construction was five per cent higher in November 2011 compared to the same month last year, he noted.

 

 

"In what was a positive result for the renovations sector, finance for alterations and additions grew 2.9 per cent to reach the highest monthly level since June 2011," added Mr Harding.

 

 

HIA chief economist Harvey Dale warned yesterday that new home building remained soft across the country.

 

 

Posted by Steve Douglas

- interest, rates, Adelaide, RBA, loan, construction, building

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