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Home loans see solid November growth
Released 13 January 2011

The number of new home loans rose 9.7% in November 2010, according to figures released by the Australian Bureau of Statistics. 

The total number of owner occupier loans increased by 3.3% in New South Wales, 2.2% in Victoria and 1.6% in Queensland. South Australia, Western Australia and the ACT saw rises of 2.3%, 2.2% and 3.7% respectively. Tasmania bucked the trend with a fall of 1.9%.

HIA Chief Economist, Harley Dale, said it was encouraging to see a bottoming out in new home lending over September–November 2010, but stressed that the full impact of the November’s rate hikes was yet to emerge.

“A period of interest rate stability this year would certainly enhance the prospects of a slow recovery in new housing confidence," he said.

“However, the lagged impact of interest rate rises and on- going credit constraints will generate a weaker level of new home building in 2011, meaning only two years in a decade when residential construction has risen.