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Property finance commitments 'increased in October'

Finance commitments for property in Australia increased by 2.2 per cent in October, new statistics have shown.

Housing finance commitments for property in Australia increased in October, new figures from the Australian Bureau of Statistics (ABS) have revealed.

In October, housing commitments reached a total of $20.9 billion (£13 billion), which is 2.2 per cent higher than the figure recorded in September.

Owner-occupied housing accounted for $14.2 billion (£8.8 billion) of the finance commitments made in October, which is 2.8 per cent more than in September.

The remaining housing finance commitments were in the form of fixed loans for investment housing.

Also revealed by the ABS is that 49,307 housing finance commitments were made in October, which is 1.9 per cent more than were made in the previous month.

Those seeking finance to purchase their first property in Australia may be interested to learn that the Reserve Bank of Australia decided this week to leave the interest rate on hold.

The Housing Industry Association labelled this decision as being "sensible".

Posted by Steve Douglas

- property, finance, banks, loan, rates, interest, October

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