NSW HOME BUYERS LEAD TURNAROUND IN ECONOMY
NSW is boosting hopes the economy is "moving into recovery", after home-lending figures released yesterday showed the state leading the country in a housing turnaround. Economists said the figures highlighted the Sydney housing market had "bottomed out", allowing more people - including first-home buyers - to join the market. The outlook was also "looking better" for the flat job market. The number of home loans approved for owner-occupied housing in NSW rose 5.7 per cent in November, according to the Australian Bureau of Statistics' seasonally adjusted figures. That compared with the national average of 1.3 per cent. Tasmania recorded a 6.5 per cent jump but NSW had a higher number of approvals, driven by first-home buyers following the Government's doubling of the homeowners grant. There was still an overall decline in the housing market, which slowed by about 1 per cent in November.
source: news.com.au
