Home lending has finally steadied across the country, following an especially strong run that lasted for most of 2013.
This is according to the Housing Industry Association (HIA), which offered analysis of November data issued by the Australian Bureau of Statistics (ABS).
Although there was a 4.3 per cent fall in the number of loans granted for the purchase of new dwellings, owner occupier loans for new dwelling construction increased 2.3 per cent.
However, the picture was more optimistic in Western Australia, bringing good news to anyone with their eye on real estate in Australind.
On a seasonally adjusted basis, the number of loans for the construction and purchase of new dwellings increased 1.9 per cent across the state – the strongest result seen since July 2013.
John Gelavis, acting regional executive director for the HIA in WA, explained how the upward trend has been apparent for some time and the latest figures confirm this.
He continued: "A serious shortage of residential supply has accumulated in WA over the past decade.
"It is vital that higher levels of dwelling construction are facilitated in order to allow for the state's long-term housing needs to be provided for."