September quarter sees new home lending growth
The possibility of taking out a construction home loan could become a reality in the coming months, with recent Australian Bureau of Statistics figures highlighting the rising new home lending figures recorded over the September quarter - reaching a new cyclic high and offering some insight into the changing market nationwide.
Housing Industry Association Chief Economist Harley Dale said these figures put the lending rate for new housing at a 20 year high, presenting a healthy result for the growth of Australian property as a whole and offering some incentive for potential buyers sitting on the fence about their own real estate commitments.
"The aggregate number of loans for first home buyers is still very low from a historical perspective. Policy reform is vital to turning this situation around and needs to be aimed at the excessive and inefficient taxes and regulation levied on housing," said Mr Dale in a November 10 statement, highlighting the trend seen over the last few months of declining first home buyer statistics.
This was reinforced by Master Builders Australia Chief Economist Peter Jones, who said there was a sustainable 10 per cent increase in the purchase of new buildings in September.
"Investor commitments for new building continues to trend higher, up by more than 20 per cent through the year increasing their share of new borrowing, builders remain concerned at the continuing absence of first home buyers from the market," said Mr Jones in a November 10 statement.
The Northern Territory saw the largest jump in owner-occupier loans for new housing over September, increasing by 17.8 per cent over the month. Following this, the Australian Capital Territory (14.6 per cent), South Australia (8.5 per cent), New South Wales (5.1 per cent) and Queensland (4.9 per cent) all experienced varying degrees of growth as well.
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