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New home finance numbers plummet

16/03/2010

The ABS reported that on a seasonally adjusted basis the total number of housing finance commitments fell by -7.9% during January. Importantly the two types of finance commitments which assist in adding to supply (construction of new dwellings and purchase of new dwellings) fell by -3.9% and -13.3% respectively.

When looking exclusively at owner occupiers, first home buyer numbers fell by -31.0% during the month and now sit at their lowest level since January 2005. Meanwhile, owner occupier non-first home buyer volumes fell by -28.8% during the month.

The only positive result coming out of the housing finance data was the 0.9% increase in the total value of investor loans, in total value terms investors now account for 30.4% of the market and the value sits at a level 22% higher than at the same time last year.

Source: RP Data



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