New home loans rise in Canberra

The number of new home loans in the ACT has jumped more than 20 per cent, the biggest monthly increase in the country, according to new statistics.

In seasonally-adjusted terms there were 764 new housing finance commitments made by owner-occupiers in Canberra in February, up 20.3 per cent from January, and worth a total of $243 million.

Nationally, the number of loans approved in February was higher than the market expected, rising 2 per cent in seasonally-adjusted terms.

In original terms, loans on established dwellings made up the bulk of the ACT’s approvals, accounting for 570 of the 703 new loans. This includes 175 loans approved for the purpose of refinancing.

The average loan size in February was $319,300 in Canberra, down from $344,200 in January. The ACT’s average loan size was the second-biggest in the country, after NSW where the average was $327,300.