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Home loans up

Owner Occupier lending rose in most states in June, showing increased activity in the property markets accross Australia despite the recent 0.25% rise in interest rates.

Home lending for owner-occupiers rose slightly in June, according to figures released this week by the Australian Bureau of Statistics, which show a 1.3 per cent increase in total lending for owner occupation to 63,623 loans.

Housing Finance for June showed that loans for the construction of a dwelling rose by 1.8 per cent to 4,585 loans, while loans for a recently completed home rose 1.1 per cent to 2,947. In the established home market, loans rose by 1.3 per cent to 56,064.

The proportion of first home buyers dropped slightly to 17 per cent in June 2006, from 17.4 per cent in May.

The number of seasonally adjusted owner-occupied housing commitments increased by 7.4 per cent in the Australian Capital Territory. Rises were also recorded in Tasmania (up 2.8 per cent), Western Australia (up 2.2 per cent), New South Wales (up 1.7 per cent), Queensland (up 0.9 per cent), and South Australia (up 0.2 per cent). Decreases were recorded in Victoria (down 3.1 per cent) and the Northern Territory (down 0.2 per cent).

- lending, loans, finance, market, growth

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