Australia in new housing boost

Australian housing finance demand has increased by 1.1 per cent since June, new figures have revealed.

The July total revealed by the Australian Bureau of Statistics Housing Finance Data indicated the rise, a finding taken by many as a sign that the housing market is improving.

Senior economist at ICAP Adam Carr told Reuters: "This is a pretty good set of numbers and shows that the demand side of the housing market is pretty strong."

Those thinking of buying property in Australia may also be boosted by recent comments by Reserve Bank of Australia governor Glenn Stevens.

Commenting as the central bank held interest rates again this month, he noted that data has shown the economy's recent performance to be "stronger than expected".

Factors in this include the improving housing sector, improved investment sentiments and a smaller than anticipated contraction.

Australia's gross domestic product will grow by 0.5 per cent according to the latest central projection, he stated.

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