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New home lending rises yet again

By James Brown

Now could be the perfect time to pursue houses for sale in Morayfield, as data shows home loan approvals have risen once again here and across the country.

The Australian Bureau of Statistics (ABS) revealed that approvals for dwelling finance commitments increased 0.1 per cent in April – but the most impressive results were seen for buying new properties.

Approvals for buying new homes decreased 1.3 per cent between March and April, so if you've got your sights set on a recently constructed property, you could find there are many options available.

There's also been an increase in the amount of people who want to construct their own homes, as loans for this type of venture were up 1.1 per cent.

The Housing Industry Association (HIA) analysed these figures, which showed a 5.5 per cent rise in the number of loans for new housing in Queensland.

HIA chief economist Harley Dale has said, "the profile for housing finance is a positive one for residential construction activity in coming quarters", which will bring you good news if you're yet to enter the market.

There's still work to be done amongst first-time buyers, however, as there was a 0.3 per cent fall in the number of loans approved for this group between March and April.

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