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Housing credit rose in November

The RBA has found that housing credit grew by 0.5 per cent in November.

Data released by the Reserve Bank of Australia (RBA) shows Australian housing credit grew 0.5 per cent in November , making for an increase of 5.7 per cent over the course of the year.

Credit provided by the private sector rose by 0.3 per cent and business credit remained unchanged.

Despite the rise, housing credit has remained at a record low in the country, indicating a difficult year in the market and the impact of the eurozone crisis on global trading.

In a research note, St George Bank chief economist Besa Deda told the AAP there are some signs of recovery evident despite the pessimistic data from the RBA.

"While housing credit remains weak as a wilted flower, house prices posted the first increase this year in November," he said.

RateCity recently found that home loan interest rates are at their lowest level for two years, suggesting that lenders are determined to stimulate the market.

- europe, housing, credit, sales, property

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