Housing finance lifts in February

Housing finance lifts in February

Posted on Monday, April 15 2013 at 3:59 PM

Total housing-related lending rose by 1.4 per cent in February, with growth in activity among both owner-occupiers and investors.

Analysis released by the Commonwealth Bank
today shows loans to homebuyers lifted by two per cent, slightly ahead of

In the owner-occupier market, there was a
2.1 per cent lift in loans for established dwellings and an encouraging 1.2 per
cent increase in construction finance.

The value of owner-occupier mortgages was
also 1.2 per cent higher over the month.

Investor lending increased by 1.8 per cent
in February, hinting at continued optimistic sentiment among that buyer group.

“Lending activity is slowly moving higher,”
the report says. “Fundamental indicators of housing demand and lending
indicators suggest this pick up in the housing market will become more
entrenched in the near-term.”

While overall lending activity is trending
upwards, first homebuyer activity continues to fall. First-timers made up 14.4
per cent of the market, which is the lowest level since June 2004.

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