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Staff Reporter
Housing finance data released by the Australian Bureau of Statistics (ABS) yesterday reveals new home lending during September increased marginally.
During September, the number of loans advanced for the purchase and construction of new homes edged up by 0.4 per cent to 8,366 on a seasonally adjusted basis.
Speaking about the data, senior economist at the Housing Industry Association (HIA) Shane Garrett said this represented the seventh consecutive month in which lending had been stuck at around the 8,300 level.
“Despite encouraging signs of increased activity in the housing market, today’s figures continue to demonstrate how restrictive lending is one of the factors holding back activity,” noted Shane Garrett.
“However, activity is considerably stronger than this time last year. The annual increase in lending for home construction was up 6.3 per cent during the September 2013 quarter. Lending activity for new home purchases was 27.5 per cent higher than the year prior. Other housing market indicators like prices, approvals and sales confirm the industry is entering into a strong recovery,” added Shane Garrett.
During the September quarter, the number of loans to owner occupiers for the construction and purchase of new homes rose by 0.5 per cent. This included a 0.8 per cent increase in the number of loans for the construction of a new dwelling, and a 0.1 per cent rise in loans for the purchase of new homes. Excluding refinancing, the number of loans to owner occupiers for home purchase rose by 1.5 per cent in the September 2013 quarter.
"In September 2013, we estimate loans for new homes increased strongest in Tasmania (+29.6 per cent) and South Australia (+10.0 per cent)," Mr Garrett said. Increases also occurred in Queensland (+3.8 per cent), Victoria (+1.3 per cent) and NSW (+0.7 per cent). The number of loans declined by 8.1 per cent in Western Australia.
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