ABS admits errors in new home buyer data

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The Australian Bureau of Statistics (ABS) has revealed errors in the new home buyer data, saying that the numbers of approved loans were under reported since October 2011.
 
The ABS said some lenders were only counting loans they have given to buyers who have received their first home owner grant.
 
In addition, the ABS admitted to have initially thought the drop in first homebuyer loans was due to a dip in grants, soaring house values, and increased buying from investors.
 
Today, a new estimation method has been used, showing that the proportion of new loans in November was 14.6% - a striking difference from the originally reported 11.6%. 
 

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