Demand Strong
According to data released by the Australian Bureau of Statistics (ABS) this week the value and number of new home loans issued fell during the month of June 2004.
But it’s not all bad news with data released last week showing building approvals rising across the country, indicating there is still underlying demand for property.
The ABS data showed the value of new home loans issued during the month of June 2004 fell by 4.7% to $14,778 million, causing the average home loan size to fall for the fifth time in four months to $202,700.
Of this total, the value of home loans issued to owner occupiers fell 2.4% to $9,630 million, while the value of loans issued for investment purposes also fell 8.8% to $5,148 million.
The number of new loans issued also fell during the month. The total number of loans issued was 47,122, 3.3% lower than the previous month. Of this total, 4,899 loans were for the construction of new properties (down 5.1%), 1,760 were for the purchase of new properties (down 0.1%) and 40,463 loans were for the purchase of existing properties (down 3.3%)
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