Residential property loans regain some lost ground
More Australians are being approved for residential property loans, according to new data from the Australian Bureau of Statistics.
For the first time buyer, a home loan can significantly impact their long-term financial situation, so gains in the property market making up for lost ground may be a positive sign for Australians buying a house with a loan.
In February 2013, the aggregate number of loans for the construction and purchase of new homes increased by 1.2 per cent.
"We're still not firmly on the path back to the healthy levels of new home lending which would be consistent with the strong residential construction recovery the economy and population requires," said Harley Dale, Housing Industry Association's chief economist.
Northern Territory numbers of owner-occupier loans in the three months to February 2013 were up 8.1 per cent on the same period a year ago.
Whereas South Australia's value of new home loans during the quarter was up 4.4 per cent on the year before.
However, HIA regional executive director for South Australia/Northern Territory Robert Harding said there was still "a long way to go" before the property market is in the clear.