The Australian Bureau of Statistics (ABS) has published its June figures of housing finance, finding an overall 2.4 per cent upswing over the May to June period.

 

The Housing Industry Association (HIA) welcomed the results, saying that the convincing increase is sorely needed positive news for the construction sector.

 

“Looking over the three months to June 2012, a modest lift is evident for new home lending and reflects increases in all states and territories. The outcome is encouraging, but the reality is that new home loans have been grinding higher over the past six months rather than mounting a sustained and significant recovery,” HIA Senior Economist Andrew Harvey said.

 

However, Mr Harvey warned against premature optimism, saying that the sector is still struggling at GFC-equivalent levels.

 

“Unfortunately we needed to see a much stronger recovery in new home lending coming through in the first half of 2012 to signal a significant turnaround in residential construction,” Mr Harvey said.

 

The ABS data can be found here