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AUSTRALIAN HOME LENDING HITS NEW HIGHS IN NOVEMBER.
SYDNEY, Jan 1 Asia Pulse - Australian home lending hit record levels in November and looks to be buoyant into 2004.
Data from the Reserve Bank of Australia shows that housing credit grew at an annual rate of 23.3 per cent in the month of November, a pace economists say has not been beaten in two decades.
The figures appear to contradict speculation that the housing market is about to cool off after a decade of stellar growth.
"Housing credit is now growing at the fastest annual rate but fresh record highs are on the cards in coming months," Commonwealth Securities senior economist Craig James said.
The RBA figures showed overall private sector borrowing hit fresh 14-year highs in November, with total outstandings 15.1 per cent higher than a year earlier.
The annual rate of "other personal lending" jumped 13.5 per cent for the month, taking it to a near three year high.
"The simple reason why Australians are borrowing freely is that times are good," Mr James said.
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Source: HighBeam Research, AUSTRALIAN HOME LENDING HITS NEW HIGHS IN NOVEMBER.