More signs of slower housing market
New home loans dipped under $1 billion a month in both August and September in another sign of a slowing housing market.
Thursday, November 4th 2004, 6:28AM
by The Landlord
Latest Reserve Bank figures showed the total borrowed grew about $900 million in September to total $97 billion.The monthly increases in the previous 10 months were all more than $1 billion, with peak increases of $1.3 billion in both March and April. In 2000, before the housing boom began, monthly lending ranged from about $300 million to $500 million a month.
Total home lending in September was up more than 16 per cent on the same month last year.
The rate of growth in borrowing peaked in the December quarter last year and has been easing back steadily since then, making some allowance for the usual rise in home sales in the spring months before Christmas.
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