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top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
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Home lending remains resilient

By Staff Reporter
08 October 2009 | 1 minute read

The level of new home lending remained healthy in August 2009, according to recently released Australian Bureau of Statistics (ABS) data.

Loans for the construction of new homes and the purchase of new homes grew 4.7 per cent following a slight fall in July.

New housing loans have now increased in 11 of the last 12 months.

“Construction lending increased by 9 per cent over the three months to August 2009 and is up by 60 per cent compared to the same months in 2008, clearly signalling the potential for a strong recovery in new home building,” Housing Industry Association (HIA) senior economist Ben Phillips said.

“The concern is that supply is getting bogged down in the approvals process and the RBA’s interest rate increase will hit demand.”

The total number of seasonally adjusted loans for owner occupiers (net of refinancing) grew by 1.3 per cent in the month of August 2009 but was up by 39.1 per cent compared to August 2008.

The number of loans for construction grew by 4.6 per cent over the month, while the number of loans for the purchase of new dwellings grew by 4.9 per cent.

“Owner occupier loans to both first time buyers and non-first time buyers are higher over the three months to August 2009 compared to the same period last year. First home buyers are leading the way still but momentum is waning so it is encouraging to see a lift outside this market, something that was lacking earlier in the year,” Mr Phillips said.

Home lending remains resilient
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.