Fed: Aussies' appetite for bricks and mortar still booming
Home loans rose to a record high in June as Australians' love affair with bricks andmortar showed no sign of weakening.
Official figures show the number of new loans approved in June jumped 4.1 per cent to a new high.
Home lending has now risen in six of the last seven months and the Australian Bureauof Statistics says the number of loans was 8.8 per cent higher than the same time lastyear.
The amount borrowed in one month topped $10 billion for the first time.
Most of the loans were to buy existing homes, with construction borrowing down 4.9per cent over the year.
The figures provide further evidence first home owners are being priced out of themarket, with the share of first-time buyers sliding to a record low of 13.9 per cent.
AAP RTV kmh/sb/dl/sco
KEYWORD: ECONOMY (CANBERRA)
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