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November Home Lending Holds Steady

By David Bell

There were further signs of positivity in the Australian property market in November 2013, as the number of loans approved for owner occupied dwelling construction increased 4.3 per cent.

Although figures from the Australian Bureau of Statistics (ABS) show loans for the purchase of new dwellings declined 4.3 per cent month on month, one group believes there is still room for optimism.

The Housing Industry Association (HIA) explained how analysis of the data shows the number of loans to owner occupiers for new properties was flat during November.

"Lending for new homes is up substantially on a year ago and the strong state of the market is also captured by the 1.2 per cent rise in loans for existing home purchase during November," said HIA senior economist Shane Garrett.

This will prove good news to anyone who is considering the purchase of real estate in Norman Gardens, or indeed many other parts of the country.

ABS figures showed in original terms, the number of first home buyer commitments as a percentage of total owner occupied housing declined 0.3 per cent between October and November.

Meanwhile, there was a 0.7 per cent rise in the number of commitments for the purchase of established dwellings over the same period.

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