Home lending in Australia continued to strengthen buoyed by demand from first homebuyers and investors according to a new data.
The latest housing finance figure from the Australian Bureau of Statistics showed the number of new housing loans climbed by 2.2% in May to its highest level in more than a year. Loans for new dwelling construction recorded an 8% jump, while lending to buy new dwellings rose by 2.9%.
"The latest round of housing finance figures has reinforced the strength of the housing sector," said Savanth Sebastian, economist with CommSec. "The sustained improvement in overall housing activity and more importantly, the substantial jump in construction of new dwellings, will have multiplier effects throughout the economy. The sharp lift in home construction should ensure economic growth remains well supported."
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