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Financial commitments on housing continue to rise

The latest ABS figures show that more financial commitments are being made on investment housing and owner occupied housing.

Investment in housing is still on the rise according to the latest round of figures from the Australian Bureau of Statistics (ABS).

Financial commitments on investment housing increased by 2.9 per cent in October 2013 compared to September while owner occupied housing rose by 1.1 per cent.

Economic factors have weighed in on the willingness of consumers to spend on housing according to the Real Estate Institute of Australia: "The figures show growth in the number of investment housing commitments in response to interest rate cuts and the more positive housing outlook for much of the country."

Yet news.com.au pointed out that the Australian property market could be experiencing a bigger boost than ABS has documented. Its statistics do not include lending through foreign branches of Australian banks or investment from China.

Certainly, Australian property has proved popular with the Chinese over recent times with studies showing it is their top choice of destination to move to in East Asia and Australasia.

Posted by Steve Douglas

- housing, finance, banks, loans, mortgage, ABS

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