$32bn in Australia home loans15 September 2015 by News Desk
New Government lending rules aimed at cooling the property market in Australia has yet to have a big impact on home loan demand.
According to the Australian Bureau of Statistics, 53,095 home loans were approved in July, a rise of 0.3% on the previous month. The total value of all dwelling commitments also increased with more than $32 billion in home loans written in July.
Major banks and finance house in Australia have recently changed their rules and pricing in a bid to reduce the level of loans to investors who have been accused of over-heating the country’s housing market.
But these changes have yet to affect the market in any significant way as the value of all loans increased by 1.5% in July. Industry observers say the rise was driven by the continuing increase in house prices.
Property values climbed 2.8% across all of Australia’s capital cities over the month of July. Sydney and Melbourne were once again top performers, with the two capital cities recording property price growth of 3.3% and 4.9% respectively.