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Housing finance edges up



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11 November 1996

3 r d F lo o r

C o n s t r u c t i o n H o u s e

2 1 7 N o r t h b o u r n e A v e .

T u r n e r , C a n b e r r a

A C T 2601 T el: (0 6 ) 2 4 9 1433

F a x : (0 6 ) 2 4 9 1373

HOUSING FINANCE EDGES UP Statement by Wilhelm Harnisch, National Director Economics & Housing

The September Housing Finance for Owner Occupation data is another "piece o f good

news" confirming the beginning o f a recovery in the housing market. The increase o f 5.8 per

cent (seasonally adjusted) in the total number o f dwellings financed is a very welcome signal.

While the increase was mainly attributable to the 6.1 per cent increase in the purchase o f

established dwellings, this rise in lending is a necessary precursor for a lift in new housing

activity. Finance for the construction o f dwellings was also positive in September, rising by

2.4 per cent which also adds to the prospect o f a housing recovery ahead.

It is expected that the recent cut in interest rates and competition amongst mortgage lenders

will continue to stimulate demand and should augur well for a stronger housing market in

1997.

For further information contact:

Wilhelm Harnisch

BH: (06) 249 1433

Mobile: 015 484 300

M aster Builders

Australia Incorporated

A.R.B.N. 008 383 453 Incorporated in

South Australia with

limited liability