Mortgage lending surges up 5.2% in March led by NSW and Victoria: ABS

There was a 5.2% lift in the number of home loans issued to owner occupiers in March led by strong gains in NSW and Victoria, according to seasonally-adjusted ABS figures.

In total there were 48,071 home loan commitments in March compared with 46,225 in February.

Analysts had forecast a 4% rise in mortgage lending in March.

The seasonally-adjusted estimates rose in New South Wales (up $1,036m, 8.0%), Victoria (up $664m, 5.2%), Western Australia (up $280m, 4.0%), Queensland (up $157m, 1.8%), South Australia (up $155m, 5.3%), Tasmania (up $30m, 4.2%) and the Australian Capital Territory (up $27m, 3.5%), while a fall was recorded in the Northern Territory (down $6m, 1.6%).

In value terms, home loans to owner occupiers lifted 5.8% to $14.9 billion.

Rises were recorded in commitments for the purchase of established dwellings (up $129m, 1.1%), commitments for the purchase of new dwellings (up $16m, 1.8%) and commitments for the construction of dwellings (up $16m, 1.1%).

The total value of dwelling commitments excluding alterations and additions (trend) rose 1.2% in March 2013 compared with February 2013 and the seasonally adjusted series rose 4.5% in March 2013. 

The value of investment housing commitments seasonally adjusted rose 2.1% in March 2013.

Rises were recorded in commitments for the purchase of dwellings by individuals for rent or resale (up $91m, 1.4%), commitments for the purchase of dwellings by others for rent or resale (up $11m, 1.3%) and commitments for the construction of dwellings for rent or resale (up $7m, 1.3%).