More Canberrans borrowing money to purchase a home

Nearly 10 per cent more Canberrans borrowed money to purchase a home in November, Australian Bureau of Statistics data show.

Australia experienced an overall jump of 1.8 per cent in lending activity during the month, seasonally adjusted, according to the Housing Finance Australia November 2015 report released on Friday.

Canberra recorded an increase of 9.9 per cent in November, 2015, with 1028 lenders in the ACT and more than $366 million borrowed. 

A year earlier lending activity was down  1 per cent, with 944 borrowers.

Last year’s lending activity peaked in April, when it was up 9 per cent, seasonally adjusted, before dipping to a low of -9.9 per cent in May.

The report also recorded 204 first home buyers borrowing money in Canberra in November, similar to the 205 a year earlier. 

The average loan was $349,100, up from $312,400 in November, 2014.

Housing Industry Association economist Diwa Hopkins said the overall figures were positive.

“Today’s figures …highlight that owner occupiers remain active in the new housing market,” she said.

“These signals from housing finance are consistent with other indicators pointing to very healthy levels of activity in the residential construction sector in early 2016.”