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New dwellings lead loan growth in April 11/06/2013

The number of new housing loans increased for the fourth consecutive month in April, with loans for the construction and purchase of new dwellings leading the way

According to figures published by the Bureau of Statistics today, the number of new loans for owner occupation in Western Australia (excluding refinancing) increased a seasonally adjusted 1.5 percent in April.

“Banks have been issuing more and more housing loans in WA since the low point in mid-2011,” said Urban Development Institute of Australia (WA Division) CEO Debra Goostrey.

Over the year to April, the number of new loans issued increased 20.4 per cent.

“Whilst sales of established dwellings have increased, new dwellings led the growth in April and over the past 12 months,” said Ms Goostrey.

The number of owner-occupier loans committed for construction and purchase of new dwellings increased a strong 7.3 percent (seasonally adjusted) in April to 1,793 loans, which is the sixth highest monthly amount since records began in 1975. Over the year to April, new dwelling loans increased a seasonally adjusted 26.3 percent compared to 17.7 percent for established dwellings (excluding refinancing).

Ms Goostrey said that the low rate environment has encouraged all buyer segments to become more active in housing markets in Western Australia.

The number of loans to first home buyers and upgraders increased 30.8 and 15.7 percent over the year to April.

The latest housing investment figures for Western Australia showed that a seasonally adjusted $9.25 billion worth of loans were committed over the year to March 31, which represents a 13.3 percent increase on levels 12 months ago. Updated housing investment figures for April are published tomorrow.

Ms Goostrey said that settled sales figures show that 30.4 percent more residential properties (exc. vacant land) changed hands in 2012 compared to 2011, with all regions except the Pilbara experiencing higher turnover.

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