Home loan numbers jump
Home loan numbers jump
Posted on Monday, July 15 2013 at 3:50 PM
Australian Bureau of Statistics (ABS) data indicates home loan approvals have increased in the past 12 months, signaling more positive news for Australian property markets.
Australia’s seasonally adjusted 49,636 home loan approvals for May 2013
are 10 per cent higher than for the same month last year, according to mortgage
broker Loan Market.
Mark De Martino, a director at Loan Market, said the improvement is most
likely due to lower interest rates and strong buying activity.
“The lower interest rate environment of 2013 has been particularly
beneficial for consumers looking to refinance or invest in property. The rate
cuts from the RBA and the subsequent drops by lenders have helped bring
momentum back into the market.”
Loan Market analysis of ABS data shows all states improving on their May
2012 figures, with South Australia and New South Wales both recording a 12 per
cent rise.
Tasmania had the lowest increase at three per cent, up since the same
time last year.
De Martino said Queensland was showing particularly strong home loan
activity with its highest total in 40 months, and Western Australia was a
standout performer with an Australian best of a 20 per cent improvement from May
2012.
“Our mining and resources states are continuing to show growth in the
face of a slowdown in the export industry. It’s important that these local
economies are still supported while the drivers in the economy shift.”
The ABS statistics indicate confidence with all buyer sectors as both
owner-occupiers and investors borrowed in larger numbers during May compared to
April this year.
The figures highlighted
an upswing in first homebuyer loan approvals for May to 8146, a 17 per cent
increase on the April 2013 figures and the best result since October 2012.
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