Lending for housing showed a strong return to growth in June, as accelerating demand for new dwellings offset a decline in new housing commitments for established homes.
The value of new housing finance commitments rose 1.8 per cent in seasonally adjusted terms in June, the strongest rate of gain since November, and following a 0.7 per cent dip in May, Australian Bureau of Statistics figures showed.
The value of new housing commitments was $17.07 billion, the highest monthly level since June a year ago, when it was $17.08 billion.
Overall commitments rose 0.2 per cent to 52,153, the highest monthly figure since February.
Loans for new houses led the charge, rising 5.4 per cent to $991 million in value, with the number of new finance commitments up 4.6 per cent to 2854, in seasonally adjusted terms.
While the number of new loans for established houses fell 0.3 per cent to 43044, its second straight decline, the value of loans rose 1.6 per cent to $14.27 billion. Both the value and number of new commitments on established houses fell in May.