The latest housing finance data released by the Australian Bureau of Statistics (ABA) shows new home lending slipped back in August.
In seasonally adjusted terms, the total value of dwelling finance commitments – excluding alterations and additions – fell 1.2% from July, 2013.
Housing Industry Association (HIA) senior economist Shane Garrett said the slight decline on July’s result should serve as a ‘timely warning’ against complacency towards Australia’s housing market.
"Compared with 12 months ago, new home lending activity has increased markedly. However, growth has completely stalled over the past six months even though activity was already rather low by historical standards," says Garrett.
"The patchiness we are continuing to see in areas of the home loans market means that another interest rate cut from the RBA before the end of 2013 is important in order to ensure that the market recovery fires on all cylinders.”
In the three months to August, the number of loans to owner occupiers for the construction and purchase of new homes was 13.3% higher than the same period in 2012. The number of loans for the purchase of new homes was 0.6% higher in the three months to August.
In August 2013, the seasonally adjusted number of housing finance commitments (for both new and established owner-occupied housing) increased in NSW (+2.3%), Victoria (+2.2%) and Tasmania (+0.1%). Lending declined by 3.2% in Queensland, 8.6% in South Australia and 1.3% in Western Australia over the same period.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out