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Housing finance rose in January

ABS found that lending on owner occupied housing has risen in seasonally adjusted terms.
<div $$hash="6256-0"><p $$hash="6258-0">Homeowners spent more than usual for the month of January on their housing finances.



<p $$hash="6261-0">The latest report on lending from the Australian Bureau of Statistics (ABS) found that owner occupied housing was 1.3 per cent higher in seasonally adjusted terms but that the general trend for housing finance remained the same.



<p $$hash="6263-0">These results could be because of the recent rate cuts from the Reserve Bank of Australia (RBA).



<p $$hash="6265-0">Last year the RBA made cuts to the benchmark interest rate. This would have helped to bring down the cost of loans such as mortgages.



<p $$hash="6267-0">Recent reports on mortgage lending from ABS showed that the amount financial commitments for housing had fallen but that the value of them had risen. This shows that consumers are more keen to spend money on houses.



<p $$hash="6269-0">Recent data suggests that consumers are more confident about Australia’s housing market, which is helped by the recent rises in house prices.



<p $$hash="6270-0">Posted by Craig Francis

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