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Home Lending Slower, but Steady in August

By Brett Pilgrim

New home lending across South Australia experienced a slight decline in August, but there is still plenty of reason for optimism across the state.

Figures from the Australian Bureau of Statistics, analysed by the Housing Industry Association (HIA), show that demand for property in North Adelaide and other areas remains relatively strong.

Over the past three months, 500 loans or more have been granted to owner occupiers, but this slipped back slightly to 475 in August.

The HIA's regional executive director for South Australia Robert Harding emphasised that there is more to be happy about than ever before.

"While we would obviously have liked to see housing continue along the rising trajectory of the last few months, the August result is certainly not disappointing.

"In fact, August 2013 ranks among the strongest months for new home financing in the last three years," he noted.

The figures showed that more first home buyers are keen to enter the South Australian property market, with activity returning to levels not seen since the global financial crisis.

This has occurred for a number of reasons, Mr Harding revealed, including grants from the state government, stamp duty concessions and subdued price growth over the past few years.

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