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Signs Of A Home Lending Recovery

By Jamil Allouche

Could it be that there are signs of a home lending recovery for owner occupiers in Victoria? This is something with the potential to affect your Pascoe Vale real estate.

According to the Housing Industry Australia (HIA), Australia's largest residential building association, July of this year showed some promise.

The Australian Bureau of Statistics (ABS) figures released on September 9 showed a healthy increase in home leading.

"Today’s figures are good news for Victoria’s housing industry, but the upward momentum is mainly with existing property rather than new home building," said HIA Executive Director for Victoria Gil King. This may be of particular interest if you're looking to buy existing property in Brunswick.

Lending for existing property was up significantly on levels from a year ago, by 25.5 per cent in the month of July.

While Mr King welcomed the positive update for the industry, he also warned against jumping to conclusions too quickly. He said that it's important to look for evidence for the rest of year to see that new home lending is recovering sustainably, and at the moment there is not enough proof to be certain.

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