Home loan approvals up in October as first home buyers weigh in
The lending patterns over the month follow on from the RBA’s decision to pause rates in October
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Lending for housing is on the rise, new data from the ABS reveals. Statistics released today show lending for housing rose 5.4 percent seasonally adjusted in October, up from an increase of 0.6 percent in September.
Owner occupiers saw the highest increase over the month, up 5.6 percent compared with loan commitments for investors at 5 percent. The stronger results may reflect the pause in interest rates over October.
The RBA declined to increase the cash rate at its board meeting in October, giving those entering the market confidence that rates may have peaked. However, at its November meeting, the board announced interest rates would increase a further 0.25 percent, bringing the rate up to 4.35 percent.
The number of first home buyers gaining approval for new loans was up 6.2 percent in October, compared with 5.0 percent for investors, seasonally adjusted.
In terms of the differences between owner occupiers and investors, there’s a clearer contrast over the past 12 months, with loan commitments for investors up 12.1 percent compared with a much more modest 1.4 percent for owner occupiers. Among owner occupiers, the value of new home loans commitments by first home buyers rose 11.8 percent over the 12 months.
Construction of new dwellings was up 9.1 percent over the month, although it is still -19.5 percent down over the 12 months to October 2023. Purchase of newly erected dwellings was up 1.7 percent, compared with -5.3 percent over 12 months and purchase of existing dwellings
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
The house channels mid-century modern style with numerous quirks, including a glass window backsplash in the kitchen and a floating office
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An architecturally impressive abode in Palm Springs, California, that combines mid-century style with Old Hollywood glamour has hit the market for $7.69 million.
Despite appearances, the desert getaway was actually built in 2012, by Sean Lockyer of Studio AR&D. This marks the first time the home has been on the market since its creation.
“The goal with this project was to blend modern elegance and iconic mid-century architectural techniques,” Lockyer said.
By implementing “classic mid-century nods like floor-to-ceiling expanses of glass, aggregate block construction and a cantilevered steel roofline, the residence is unable to be dated and could easily be misjudged in age,” he added.
The heart of the 7,000-square-foot home is its glass-encased great room, complete with a recessed living area and a double-sided fireplace that extends through the glass walls and to the adjacent covered outdoor living space, according to the listing with Todd Monaghan and Keith Markovitz of TTK Represents of Compass, who brought the home to the market earlier this month.
The owners, who couldn’t be reached for comment, paid $700,000 for the underlying property in 2009, records with PropertyShark show.
The single-storey house also boasts an office that appears to hover over the ground, a media room, a wine room and an open kitchen that swaps the traditional backsplash with glass.
There are four bedrooms, including a primary suite that occupies an entire wing of the house, and the pool sits in the centre of the home, visible from nearly all angels.
The interior design, meanwhile, takes inspiration from Hollywood Regency decor.
The property is “among the best homes I have experienced in Palm Springs,” said Markovitz.
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
