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July 13th, 2013 
Peter Nolan
Updated
The Urban Development Institute of Australia says record migration has helped drive WA home loan approvals for new dwellings to a 19-year high.
Figures from the Australian Bureau of Statistics show the number of loans for homes purchased by owner-occupiers in May rose four per cent in seasonally adjusted terms compared to April.
Loans for the purchase and construction of new dwellings increased almost five per cent.
Urban Development Institute chief executive Debra Goostrey says more than 19 thousand loans for new dwellings for owner-occupation were secured over the past twelve months – a 30 per cent increase on last year.
“It’s been coming for a little while, the gradual build-up, but reaching 19-year highs for home loan approvals for new dwellings is a real milestone for the state,” she said.
“In the middle market it’s about confidence so yes, that post-GFC confidence is now starting to come through.”
Ms Goostrey says the Institute is working with government agencies to prevent a return to severe land shortages of the last decade.
“In the short term as long as we can keep up the delivery of the lots in the way we are at the moment and there’s no great jump in a very short period of time we shouldn’t run into any land supply issues,” she said.
Topics:
building-and-construction,
housing-industry,
perth-6000,
wa
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Source Article from http://www.abc.net.au/news/2013-07-13/new-home-loan-approvals-up/4818420
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