Home building 'on the rise' in Australia

Australian home building levels are still on the rise, official government figures have shown.

The tally of loans for new builds in the country was up 9.2 per cent in October and 103 per cent up on a year ago, Reuters reports.

Economist at UBS George Tharenou was quoted by the news provider as saying: "The level of lending for new construction is making new cycle highs, now at its highest since the 2002-03 cycle and consistent with at least a further 30 per cent rise in building approvals."

Such figures come in the wake of official data released earlier last week, showing that October this year produced the tenth successive monthly rise in new-build approvals.

The trend may encourage those keen to buy property in Australia, as a jump in supply could provide more choice for investors.

Earlier this week, Business Spectator's economics blogger Christopher Joye said the average home in the country remains around the long-term mean level for affordability, based on the method of calculation used by the Reserve Bank of Australia.

Like this? Then share with your friends and colleagues!