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Lending For New Homes Increased In Queensland Over May

By Adrienne McTavish

If you're looking for new houses for sale in Bulimba, you will be happy to know that the lending for new dwellings increased in May, which could be good news for anyone looking to invest in property.

According to the latest Housing Finance figures released by the Australian Bureau of Statistics (ABS) the number of loans for the construction and purchase of new owner-occupied homes increased by 0.6 per cent during May – bringing the overall figure to 18.1 percentage points higher than this time last year.

Furthermore, the overall number of housing finance commitments (for both new and established homes) rose by 3.9 per cent in Queensland, indicating a growing consumer confidence for property in the state.

Diwa Hopkins, economist for the Housing Industry Association, said in a July 12 statement that new home lending was increase across the nation, which was an encouraging indication for the industry. 

"In terms of lending to investors, in aggregate, the value of lending was up by 1.5 per cent in May. Much of this improvement was driven by lending for new homes, which increased by 17.2 per cent, following last month’s weak result," Ms Hopkins said.

If you're looking into purchasing Bulimba real estate, get in contact with the team at Ray White Bulimba – their expertise and experience will help you to find the perfect home for your situation.

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