Demand in Australia’s housing market remained robust through February with the value of new home loan commitments climbing even as the effects of the Reserve Bank’s recent run of rate hikes continue to flow through the economy.
The value of new loans written rose 1.5 per cent in February to $26.4bn, the Australia n Bureau of Statistics reported on Monday, falling slightly short of the 2 per cent increase analysts had forecast.
Borrowers still entered the housing market in droves despite pressures facing household budgets. Picture: NCA NewsWire / Christian Gilles Even as still-high inflation and the RBA’s rates policy crimp household budgets, the pipeline of new entrants into the housing market also remained robust. The strong gain brought the number of new loan commitments for first home buyers to 9377 across the month, following a 5.6 per cent in January.
Interest Rate Increase Analysts Australia And New Zealand Household Budgets Oceania Household Income Robust Rise Housing Market Rates Surge Finance Statistics Newswire-Business Loan Commitments Australia Property Investors Rate Hikes Cost Pressures Gain Brough
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