Small rise in mortgage demand: ABS

Housing finance data released by the ABS showed that 51,710 loans were approved for owner-occupied housing in September, up 0.3 per cent from the previous month.

The number of loans approved for the construction of dwellings and the purchase of established dwellings also rose, by 1.5 per cent and 0.4 per cent respectively.

However, the number of loans approved for the purchase of new dwellings dropped by 4.0 per cent.

The data also showed that the average value of approved dwellings increased by 1.0 per cent to $28,988.

Mortgage Choice spokesperson Jessica Darnbrough said that while it appears that growth in property prices is starting to moderate, the overall trajectory is still upwards.

“So, with prices continuing to rise – if only moderately – we should expect to see a continued lift in the value of dwelling commitments,” she said.