Housing finance increased further in November, according to data released by the Australian Bureau of Statistics.
In trend terms, the number of owner-occupied housing commitments rose 0.6 per cent in November 2013, following a rise of 0.8 per cent in October 2013.
We’re borrowing to refinance, buy or build homes but we’re not buying new homes, it seems.
Improvements were recorded in the seasonally adjusted number of loans to buy established dwellings excluding refinancing (up 1.4 per cent), to refinance established dwellings (up 1.1 per cent) and to build new homes (up 2.3 per cent). Loans to buy new dwellings dropped 4.3 per cent.
Owner-occupied housing commitments rose in New South Wales (up 1.8 per cent), Queensland (2.7 per cent), the Australian Capital Territory (10.9 per cent), South Australia (1.3 per cent) and the Northern Territory (0.4 per cent). Falls were recorded in Victoria (down 0.4 per cent), Western Australia (0.4 per cent) and Tasmania (2.6 per cent).
The total value of dwelling finance commitments excluding alterations and additions rose 1.7 per cent, seasonally adjusted.
In trend terms, investment housing commitments rose 3.0 per cent and owner occupied housing commitments rose 1.4 per cent.