Housing lending continues to stabilise

Submitted by Anonymous on Mon, 02/13/2012 - 07:23

EXPECTATIONS of a strengthening housing sector have been helped by new figures showing a rise in the value of new home loan commitments to a two-year high, economists say.

However, some economists have cautioned that the gains were also boosted by first home buyers taking advantage of financing before the winding up of a stamp duty exemption scheme in NSW.

The number of new home loan commitments rose for the ninth month in a row in December following two consecutive interest rates cuts be the central bank.

The number of home loans approved in December rose by 2.3 per cent to 48,453, the Australian Bureau of Statistics (ABS) said on Monday.

Economists' forecasts had centred on a 1.8 per cent rise for the month.

St George chief economist Besa Deda said the data pointed to a more solid housing finance recovery.

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Housing lending continues to stabilise

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