Aussie mortgages up in November

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The number of Australians taking up home loans climbed in November last year, according to new figures released by the Housing Industry Association (HIA).

It said that property sales rose 6.8 percent in November, as more people took advantage of interest rate cuts authorised by the Reserve Bank of Australia (RBA), which slashed rates by 0.25 percent in November and December.

“At present, sales volumes are running at least 20 percent below what you could conservatively call healthy,” commented Harley Dale, Chief Economist at HIA.

He noted that the latest figures are encouraging, but warned that there is still a long way to go before the sector can be back in full swing.

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