Australian Bureau of Statistics Housing Finance Figures for Western Australia

The Australian Bureau of Statistics Housing Figures are in, showing a slight increase recorded in Western Australia in the number of finance commitments for owner-occupied homes.

A considerable part of the overall increase was attributed to refinancing rather than new activity, with established dwellings increasing 1.8 per cent in October, and the purchase of established dwellings increasing 0.7 per cent.

The number of first home buyers as a percentage remains below the national average of 20.1 per cent, and the construction of new dwellings recorded slight falls.

While the value of investment housing commitments had not risen, on a seasonally adjusted basis, there was a 1.1 per cent increase in October 2010.

The cumulative effect of six increases of the cash rate between October last year and May this year is believed to still being felt throughout the property market.

With official rate rises being on hold until February 2011, when the RBA officially meets again, West Australian’s can breathe a sigh of relief over the summer holidays.