HOUSING FINANCE RECOVERS SLIGHTLY

THE number of owner-occupied home loans approved across the country recovered well in April after hitting a 10-year low in March, according to the latest ABS statistics.

The 47,347 loan commitments approved in April show a 4.8 per cent (seasonally adjusted) increase over March, where housing finance hit its lowest level since February 2001.

New houses under finance recorded the strongest growth at 9.4 per cent to 2038, while the purchase of established dwelling was up 5.1 per cent to 40,757.

However finance for the construction of new dwellings posted the worst figures, remaining flat at 4553, up 0.4 per cent on March.

The value of owner occupied housing under finance rose 6.3 per cent to about $13.8 billion. Finance for investment housing however dropped by 1.6 per cent to $6.04 billion.

Total housing under finance across the country equates to $19.85 billion, up 3.8 per cent on March.