The value of dwelling finance commitments in Australia remained stable from July to August in trend terms, a report has shown.
Figures from the Australian Bureau of Statistics show that investment housing commitments fell by 1.3 per cent, but owner-occupied housing commitments rose by 0.6 per cent.
In seasonally adjusted terms, the total value of dwelling finance commitments fell by 1.3 per cent.
The number of finance commitments issued to those seeking to invest in property increased in trend terms by 0.3 per cent from July to August.
Commitments for the construction of new houses or apartments fell by 1.9 per cent over the month, while the number of commitments for the purchase of established dwellings rose by 0.6 per cent.
The number of commitments for the purchase of new dwellings increased 0.3 per cent, the report also shows.
A bigger boom could be seen in the Australian property market after US talk show host Oprah Winfrey visits the country, RE/MAX International chairman and co-founder Dave Liniger told API Magazine recently.
Posted by Steve Douglas