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The Australian housing market is showing signs of improving, after the latest Australia Bureau of Statistics data revealed that owner occupied housing commitments increased in April, after falling in the previous month.
The seasonally-adjusted figures show that the total number of owner-occupied housing commitments rose by 1.7 per cent in April, following a decline of 0.9 per cent in March. However this was lower than the 2.5 per cent predicted by economists.
Lending to build new homes showed the most improvement, with a 4.4 per cent increase in April, following a 2.4 per cent fall in March.
Buying new homes was also popular, with a 3.3 per cent increase, after March saw a drop of 3.9 per cent.
Lending to buy an established home also proved popular in April, up 1.3 per cent after a March fall of 0.3 per cent.
From state to state, finance was up in Tasmania (8.4 per cent), the Northern Territory (7.3 per cent), Victoria (up by 1.9 per cent), Queensland (1.5 per cent), New South Wales (0.7 per cent), Western Australia (0.3 per cent) and South Australia (0.2 per cent).
The only state to see a fall in lending was the Australian Capital Territory, with finance down by 0.7 per cent.
While loans to owner-occupiers saw improvements in April however, the investor lending market was down.
Investment lending for homes declined by 5 per cent in April, the steepest percentage fall seen since October 2015
Even though investor lending is down however, the latest home loan data is encouraging and points to a more sustainable housing market.