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eTradesman.com.au - Australia's Online Tradesman Directory

Tradesman NEWS - Encouraging signs for builders.

Whilst loans for established dwellings fell back again in August, lending for construction moved higher and there was a pickup in finance for investment housing, according to peak building and construction organisation Master Builders Australia. Mr Peter Jones, Master Builders’ Chief Economist, said “Further easing back in overall home lending was to be expected as government stimulus measures taper off, but there are encouraging signs for builders with a solid increase in loans for construction of dwellings.” He said, “Lending for construction of dwellings rose strongly in August, as did lending for construction of investment housing, perhaps an early indication that the market is beginning to shrug off the impact of tight lending requirements imposed by the banks. “Nonetheless, prospects for a sustained housing upturn remain uncertain, with the fledgling upswing threatened by the credit squeeze, the phasing out of the First Home Owner ‘boost’ scheme and now rising interest rates. “Master Builders believes the Reserve Bank needs to keep interest rates low for an extended period in order to ensure that the nascent recovery in the interest-rate-sensitive residential building sector can become firmly entrenched.” • The total number of dwellings financed for owner occupiers, seasonally adjusted, fell by 0.6 per cent in August, to be up 25.8 per cent on August last year. • The number of loans for ‘new’ dwellings (construction-purchase of new dwellings, combined) rose by 4.7 per cent in August to be up 68.7 per cent on the same month last year: - the number of loans for the construction of dwellings rose by 4.6 per cent in August, to be up 69.2 per cent on the same month last year. - the number of loans for the purchase of new dwellings rose by 4.9 per cent in August, to be up 67.8 per cent up on the same time last year. • The number of loans for the purchase of established dwellings fell by 1.5 in August, to be up 20.4 per cent on the same time last year. • The value of lending to finance the purchase of investment housing rose by 7.6 per cent in August, to be up 18.5 per cent on a year ago. Source: Master Builders<-a>
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