Homeowners and investors remained active in the loan market for the first three months of 2020, surpassing the activity they recorded last year, according to the latest figures from the Australian Bureau of Statistics.
The number of loans made to homeowners who bought or built new homes was 13.2% higher than the same period last year. Lending to investors also increased, up 6.5% from the same period.
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Tim Reardon, chief economist at the Housing Industry Association, said that recent loan data was among the indicators of a strong housing market this year.
"These results show that until the end of March we were looking at solid housing construction activity in most regions in 2020. They also confirm that the housing market had reached a turning point at halfway through 2019, providing further evidence that the housing market, before COVID-19, was heading towards 2020 looking upwards, "he said.
The value of home loan commitments increased by 1.2% compared to last month and by 22.5% compared to last year. The value of investors' loan commitments, however, decreased by 2.5% per month but increased by 5.3% per year.
Adrian Kelly, President of the Real Estate Institute of Australia, said that these figures did not reflect the full impact of the COVID-19 epidemic, since loan commitments for the month included requests submitted in February or the first half of March. before the introduction of restrictions throughout Australia.
"With credit institutions signaling a considerable slowdown in new loan applications from the end of March, because movement restrictions and caution regarding the impact of the economy on the economy "Housing market activity, we can find that March's financial numbers will be high point for the next few months," said Kelly.
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kawana
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lambton north
,
Westbrook
,
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