The value of new household loan commitments increased 2.6% in February, adjusted for seasonal variations. However, the figures are still limited, according to the latest data from the Australian Bureau of Statistics (ABS).
The increase in loans to households follows a 2.3% drop in January.
"Despite February's rise, the long-term situation is largely unchanged, with new household lending remaining moderate and well below levels seen in the past five years," said the economist. Chief ABS, Bruce Hockman.
Loans for owner-occupied homes in New South Wales, for example, are still down more than 20 per cent from the peak of August 2017, despite a monthly increase of 8.2 per cent their commitments in February.
At the national level, the value of loans for owner-occupied dwellings rose 3.4% in February, while loans for investment-owned housing registered a more modest increase of 0%. , 9%.
The number of loans to homeowners in new dwellings increased 1.8%, slightly outpacing growth in the number of homeowner loans other than first-time homebuyers (up 1.6%) . Both series remain well below February 2018.
Personal finance loans to households increased 0.4% in February, after rising 1.2% in January. The ABS said it was the first consecutive increase in loans for personal finances since the end of 2017. However, the components of these loans generally related to household consumption are still relatively weak.
"In seasonally adjusted terms, the decline in home loans is close to the trough and is expected to remain unchanged for the remainder of 2019, with no rapid recovery," said Maree Kilroy, economist at BIS Oxford Economics. "On the plus side, loans for the construction of new housing, one of the engines of single-family construction, reinforce our forecast of a more modest decline in homes compared to high-density apartments at over the next six months. "
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