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08 April 2009

New Home Lending on the UP!!

The following article from HIA:

Housing loans increased for the fifth consecutive month in February 2009 thanks to a rise in lending for new dwellings, said the Housing Industry Association, Australia’s largest building industry association.

HIA Chief Economist, Dr Harley Dale, said that for the month of February the total number of loans increased by 0.4 per cent as a result of a 2.6 per cent rise in loans for construction and a 4.2 per cent lift in loans for the purchase of new dwellings.

“New home lending has been trending higher since October last year, driven by the tripling of the First Home Owners Grant for new dwellings and the large reduction in variable mortgage rates,” Harley Dale said.
“First home buyers continue to be a major component of the recovery in housing finance with the number of FHB loans over the three months to February up by 27 per cent compared to the three months to February 2008,” Harley Dale said.

While first home buyers and, to an extent, trade-up owner occupiers are signalling a modest improvement in new home building activity, the investor market continues to languish.

Yours in property!

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