However, an Australian Bureau of Statistics report shows that the cumulative total of $26.864 billion was still 22 per cent more than last year’s total. This indicates that an additional $4.9 billion a month flowing into the market compared with a year ago.
Home loan growth experienced declines in two consecutive months, falling 0.3 per cent in December 2013 and 0.4 per cent in January 2014. Some experts believe that these drops are indicative of a downward trend, but it’s not the case.
The most recent building approvals figures from the bureau show an increase of 7 per cent in January.
This increase includes a 5 per cent rise in approvals for housing units in multi-family dwellings. These properties generate loan approvals after the completion of the building instead of the other way around for single-family houses.
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