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Housing finance shows Interest Rates should remain on hold

17 Jun 2014 Christies Beach 0 Comment

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The Real Estate Institute of Australia (REIA) says the latest housing finance figures released by the Australian Bureau of Statistics (ABS) reflect a stable market.

The figures for April 2014 show, in trend terms, that the number of owner-occupied finance commitments increased by 0.1 per cent, following increases of 0.1 per cent for the first three months of 2014.

If refinancing is excluded, in trend terms for April, the number of owner-occupied finance commitments fell by 0.1 per cent – the same as in March and the second consecutive drop.

REIA President, Peter Bushby says, “Increases were recorded in Queensland, Western Australia, the Australian Capital Territory, Victoria, South Australia and Tasmania with the ACT having the biggest rise, up 0.9 per cent. New South Wales fell by 0.9 per cent and the Northern Territory was flat.”

“In trend terms, the number of commitments for the construction of new dwellings climbed 1.1 per cent and the purchase of established dwellings increased by 0.1 per cent. However the purchase of new dwellings fell by 1.3 per cent.”

The value of investment housing commitments again increased but by a more moderate rate of 0.5 per cent in April, following over three years of consecutive monthly increases.

“The proportion of first home buyers in the number of owner-occupied housing finance commitments fell to 12.3 per cent compared to 12.6 per cent in March. This is the same as the historical low point of 12.3 per cent in November 2013 and is dramatically lower than the long-run average proportion of 19.9 per cent.”

“The April 2014 lending figures indicate a stable market, and signal a period in which interest rates should stay at their current levels,” concluded Mr Bushby.

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