Commercial mortgage commitments up 1.5% in March: ABS

The value of commercial finance commitments rose 1.5% in March to $29.64 billion, following a rise of 0.9% in February, according to the latest seasonally-adjusted data from the ABS.

The rise in March and February followed a 9% fall in January with commercial lending continuing to trend downwards.

In trend terms, loans for commercial purposes were down 1.1% over March.

Revolving credit commitments rose 4.7%, after a fall of 6.3% in the previous month.

Fixed lending commitments rose 0.4%, following a rise of 3.4% in the previous month.

The value of commercial mortgage commitments for the purchase of housing for rent or re-sale trended up 1.4% in March 2013 and the seasonally adjusted series rose 4.6%.

The value of total personal finance commitments (credit cards, personal loans) rose 0.6% in seasonally adjusted terms.

Fixed lending commitments rose 10.1%, while revolving credit commitments fell 11.8%.

The value of total lease finance commitments trended down 0.6% in March 2013. The seasonally adjusted series fell 4.1%, after a rise of 1.6% in February 2013.

Yesterday, the ABS revealed that the number of housing finance commitments lifted 5.2% in March and 5.8% in value, led by strong gains in NSW and Victoria.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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