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Growth in lending for housing continues



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MEDIA RELEASE

MINISTER FOR

HOUSING AND CONSTRUCTION > g

The Hon Chris HURFORD MP

MPS 02/84

GROWTH IN LENDING FOR HOUSING CONTINUES

’Lending for housing by permanent building societies recorded dramatic

growth throughout 1983” the Minister for Housing and Construction,

Mr. Chris Hurford, said today.

The number of loans approved for owner occupation increased by more

than 50 per cent in 1983.

"However, the growth was even more rapid later in the year and can be at­

tributed to the recovery in consumer confidence in housing" Mr. Hurford

said.

Loan approvals increased by one third in the December quarter 1983.

This was more than 125 per cent higher than the December quarter 1982.

"This massive growth in lending followed closely the recent reductions

in housing interest rates and the introduction of the Government's

First Home Owners Scheme".

"With lending by savings banks also at a record level in December, the

housing industry can look forward to sustained growth in 1984. Jobs

lost in the industry over recent years are now being restored".

"It is clear that the Government's housing targets for 1983/84 will be met"

Mr. Hurford said. "I am pleased to say also that there is no evidence

of the industry overheating."

Canberra 9 February, 1984

Media Contact: Alfred Nagaiya (062) 72 6635

Parliament House, Canberra