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ABS Data Shows, South Australia Housing Finance is Getting Down

March 13, 2015

The analysis of data made by Australian Bureau of Statistics shows that the housing market of South Australia is lagging behind, particularly in January when it had the eighth successive month of decline in people seeking housing finance.

According to the Adelaide independent news website InDaily, there is a 5.9% dip in the count of people looking for house finance in the SA compared to the same period last year.

As per the report data, it has been figured out that the participation rates in Victoria and Queensland by first home buyers were at 17%, respectively. Western Australia, meanwhile, has nearly 20% first home buyers.

In contrast, Mortgage Choice data shows that South Australia was found to be having only 4.7% first home buyers.

The South Australian Centre for Economic Studies (SACES) said the ABS housing finance data revealed “South Australia’s total value of housing finance commitments for January 2015 increased by 0.2% (up $2m) over the previous month, valued at approximately $0.88bn in trend terms”.

“Australia wide the value of housing finance commitments nation-wide increased by 0.8% (up $133m) to $17.7bn. The total value of commitments for South Australia in January 2015 was 1.9% higher than a year earlier; by comparison Australia wide commitments were up 6.9% over the past year.”

News Source: http://www.yourmortgage.com.au/article/south-australia-down-in-housing-finance-according-to-abs-198016.aspx

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