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Lending turns up again

Housing commitments continued on their upward trend in May, according to data released this week by the Australian Bureau of Statistics.

The seasonally adjusted figures show that the total number of owner occupied housing commitments rose 1.8 per cent in May 2013.

In trend terms, loans to buy established dwellings excluding refinancing rose 2.0 per cent while refinancing of established dwellings lifted by 1.4 per cent. Loans to buy new dwellings rose 3.6 per cent and loans to build homes rose a further 1.3 per cent.

In original terms, the number of first home buyer commitments as a percentage of all owner-occupied housing finance commitments rose to 14.6 per cent in May 2013 from 14.3 per cent in April 2013.

Around the states, loans for owner-occupiers rose in Queensland (3.9 per cent), Victoria (2.6 per cent), Western Australia (3.4 per cent), New South Wales (1.0 per cent), South Australia (0.6 per cent), the Northern Territory (4.8 per cent) and Tasmania (1.7 per cent), but fell 0.4 per cent in the Australian Capital Territory.

The total value of dwelling commitments excluding alterations and additions rose 2.0 per cent in May 2013, seasonally adjusted.

Owner occupied housing commitments rose 2.3 per cent, while the value of investment housing commitments rose 1.5 per cent in May 2013.

In trend terms, owner-occupier commitments for the purchase of established dwellings rose 1.2 per cent, commitments for the purchase of new dwellings 3.2 per cent and commitments for the construction of dwellings rose 1.6 per cent.