A recent downtrend in housing activity showed signs of levelling out in May as data found home loan financing rose for the first time since September 2009.
The number of housing-finance approvals rose a seasonally adjusted 1.9% in May from April, the Australian Bureau of Statistics said. First home buyers accounted for 16.1% of new home loans in May, down from 28.5% a year ago in a period that was marked by a frenzy of buying helped by economic stimulus.