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HIA: New Home Lending Increases Nationwide

By Ben Faulks

Lending for new homes has increased steadily across the nation, which could highlight a great opportunity for those interested in purchasing Belconnen real estate in the near future. 

The latest Australian Bureau of Statistics (ABS) data found the number of owner occupier home loans taken out for new dwelling construction during December 2013 increased by 0.4 per cent. Furthermore, there was a 2.1 per cent increase in total new home lending during the final quarter of 2013. 

This figure rests at 14.6 per cent higher than the same time 12 months earlier, and highlights a pretty strong recovery across the nation.

According to Housing Industry Association Senior Economist Shane Garrett, this could indicate a fairly strong year for growth – especially during the early months of the year. 

"During December, the share of the owner occupier market accounted for by First Home Buyers reached its highest in four months and this is something to be welcomed," said Mr Garrett in a February 11 statement. 

The data also showed capital city dwelling prices increasing by 3.4 per cent over the final quarter of 2013, while sitting 9.3 per cent higher than a year before. 

"Steady and sustainable price growth reinforces confidence in the market and healthy lending activity must be seen in this context," said Mr Garrett. 

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