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Rising Strength for New Home Lending Rates in Australia Good For Construction

New home lending data released by the Australian Bureau of Statistics earlier this week (April 9) has highlighted the returning strength of residential construction in the property market across the nation. This could be a sign of encouragement for those looking into building their own Bulimba real estate in the near future. 

Following a strong beginning to the year in January, the number of owner occupier loans for construction of new homes over February rose by 0.8 per cent. Over the three months to February, this resulted in an overall growth of 7.2 per cent. 

Housing Industry Association Economist Diwa Hopkins said these increases are consistent with other economic indicators being seen across the country, including things like dwelling approvals and the number of transactions for new properties. 

"Today's housing finance results auger well for much needed further growth in new home building," said Ms Diwa in an April 9 statement. 

"A sustained increase in new home building activity which provides Australia with an appropriate supply of housing is a necessary condition for addressing the persistent problems around housing affordability." 

With these sustainable results expected to remain steady heading into the year, now could be a great time to consider building your own slice of Morningside real estate

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