Housing finance increases in Australia

Australians borrowed more money for housing in January compared to the previous month.

The Australian Bureau of Statistics says finance commitments for housing, excluding alterations and additions, rose 2.3 per cent seasonally adjusted.

The greatest increase in lending was for investment properties.

Borrowing for owner occupied housing increased by 1.4 per cent, while borrowing for investment housing rose 4.6 per cent.

The rise in borrowing for investment housing in January was a result of more individuals and companies buying houses for rent or resale, and this offset a decrease in construction. - SOURCE Copyright Australian Broadcasting Corporation