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New home lending rises during J...

New home lending rises during June

Lending for new homes rose during June, according to new statistics.

Lending for new homes in Australia has risen again during June, according to the latest figures from the Australian Bureau of Statistics.

Data shows that the number of loans for the construction and purchase of new owner occupied homes rose by 0.6 per cent over June.

This is a significant 13.3 per cent increase in comparison to similar figures from 12 months previous.

Shane Garrett from the Housing Industry Association said that these figures confirmed a steady recovery in the new homes market.

He explained: "Encouragingly, growth in new home lending has affected most states, with particularly strong figures from the ACT and South Australia during June."

Mr Garrett highlighted that continued growth in new home lending was predominantly being driven by the reductions in interest rates which have been taking place over the past two years as well as greater economic stability on an international scale.

Posted by Ravin Chatlani

 

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