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Property News

ABS: residential loan values holding steady

December 21, 2011

A release by the Australian Bureau of Statistics (ABS) has shown that - while new dwelling construction may be down - the value of mortgages for existing properties has been held steady.

The Housing Finance report compiled by ABS statisticians reveals that the dollar value of spending on residential real estate - excluding additions and alterations - did not suffer and dips or troughs throughout October.

It shows that the market for private dwellings was able to maintain the level achieved in September - with transferals of ownership taking place worth $20.8 billion in total.

Over 51,000 transactions took place between owner-occupiers in October, registering a slight improvement of 0.7 per cent over the previous month.

In addition both the sales of new and existing housing registered minor upward shifts in terms of sales volumes - with 0.4 per cent and 0.9 per cent improvements recorded.

This could be a sign that the industry has levelled out in the face of external concerns from overseas markets - particularly those exhibited by Europe's financial industry - but has not slowed completely.



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