Housing finance figures lacklustre
New data released by the Australian Bureau of Statistics (ABS) paints an austere picture of the housing finance market, showing that improved consumer confidence isn’t necessarily translating into a resurgent housing market.
The total number of dwelling commitments fell by an estimated 1.5 per cent in the January period, while the number of commitments for the construction of new dwellings fell by 0.2 per cent.
Peter Jones, Master Builders Australia’s Chief Economist said the figures hardly suggest a recovery in the housing market, despite some positives for builders in the latest release.
“Loans for the construction of dwellings and for the purchase of new dwellings combined rose 0.6 per cent from December 2012 to January 2013. This is an increase of 9.3 per cent from the corresponding figure in January 2012.
“This is a welcome pick up, but a far cry from the sort of strong housing recovery builders were hoping for given where we are in the current easing cycle."
The full data set can be found here