AUSTRALIA HOUSING LOAN COMMITMENTS RISE TO RECORD HIGH

Australia's new housing loan commitments increased to a new high in May, data released today by the Australian Bureau of Statistics showed Friday.

New housing loan commitments rose 4.9 percent in May to a new high of A$32.6 billion, driven by investor housing loan commitments.

The value of new loan commitments for investor housing rose 13.3 percent to A$9.1 billion, which was the highest level since June 2015.

New loan commitments for owner occupiers grew 1.9 percent to A$23.4 billion, the highest level since the series began.

However, for the third consecutive month there were falls in the value of loan commitments for residential land and the construction of new dwellings, ABS said.

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