The value of new housing loans in Australia surged by 17.9% annually, reaching $27.6 billion after a 3.1% growth just in the month of March, the Australian Bureau of Statistics (ABS) has reported.
“The value of new loan commitments is a product of the size of loans being approved and the volume of loans,” said Mish Tan (pictured), ABS head of finance statistics. “The rise in the value of new home loans over the past year reflected increases in the average loan size, in line with rising house prices over the same period.
“Meanwhile, in original terms, the number of loans reaching the final commitment stage is broadly similar to a year ago.”
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