Property News

Housing Reacts To Higher Rates - HIA

12 October 2006

The reaction to this year’s two increases in official interest rates is starting to show.

Figures released today show that in the month of the second interest rate increase, lending to first home buyers, new home builders and investors all fell.

Housing Finance for August, showed overall home lending fell by 1.0 per cent to 63,217 loans. Loans for the construction of a dwelling fell by 0.3 per cent while there was an encouraging increase in loans for the purchase of a recently completed home, up 2.3 per cent to 2,955. In the established home market, loans fell by 1.2 per cent to 55,646.

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