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HIA Reports More New Home Lending in June

By Ben Faulks

The deluge of real estate information that came out this week showed that the market continued to improve in June, and the latest figures from the Housing Industry Association confirm that new home loans continued to rise.

The ABS Housing Finance statistics showed that the number of loans for new homes increased by 0.6 per cent to 8,368, up a strong 13.3 per cent compared to last June's reading.

The HIA stated that the news provides clear evidence that Australia's housing market, including Belconnen real estate, is continuing to improve.

"Encouragingly, growth in new home lending has affected most states, with particularly strong figures from the ACT and South Australia during June," stated Shane Garrett, chief economist for the HIA.

"The continued growth in activity in new home lending is being driven by the reductions in interest rates which have taken place since 2011 as well as a growing sense that the worst of the international crisis has passed."

Still, the group warned that these numbers indicate a recovery, not necessarily a robust market. This will come in time as the conditions continue to improve.

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