Home loans rise
The number of home loans issued in Australia increased in the last three months by 1.8 per cent to 103,149, up on the previous quarter.
While the numbers of first home buyers was up slightly on March, their representation in the total market was below normal levels.
In the three months to 30 June 2004, the size of an average home loan increased by 5.4 per cent and average loan repayments grew by 5.3 per cent.
The average Australian home loan grew to $213,515, up from $202,545 last quarter. Average Australian monthly loan repayments were $1,493, up from $1,417. Median weekly family income remained steady during the quarter at $1,065.
Managing Director of AMP Banking, Michael Guggenheimer, said that, although overall home loan affordability continued to decline, there was enough information in the report to confirm that the housing market had slowed but not ground to a halt.
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