HIA reacts to latest home loan figures
The Housing Industry Association (HIA) believes the country's latest home loan figures are "encouraging", but it is too soon to get carried away.
According to the Australian Bureau of Statistics (ABS), there was a 2.6 per cent increase in total housing finance – net of refinancing – in August 2012.
This was the sixth consecutive rise in this particular sector, while lending for new dwelling purchases was up by 13.9 per cent during the month.
However, the HIA stressed that certain other statistics were less impressive.
"After posting a strong increase in June, the number of loans for the construction of owner occupied dwellings largely flat-lined in July and again in August," commented Harley Dale, the organisation's chief economist.
He is hopeful that the recent interest rate reductions, as well as new government policies in Queensland and New South Wales, will give the property market a timely boost.
There are signs that people are more optimistic about securing a mortgage, as the ABS revealed that 45,821 home loans were issued across the country in August.
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