The real estate industry in Australia keeps its strength even in the distressing phase of interest rates increase and the ongoing apprehensions related to the international financial system.

The Australian Bureau of Statistics have illustrated that 48, 818 new housing loans had been given an approval to new owners of houses, which was seasonally altered. The 1.9% rise in the instances of home loan approvals is the initial increase in eight months.

As per a poll, the market forecasters had forecasted to see a rise of 1.5%. In totality, the housing finance saw a raise of 0.7% to $21.36 billion.

The Reserve Bank did not bring any changes in the official interest rates and maintained them at 4.5% in the preceding week. But economists are of the view that the interest rates will make an up-shift, once more, in the later parts of this year.

JP Morgan’s Major Economist, Stephen Walters said that the second quarter CPI data, which will be on hand on July 28, is going to have a huge impact upon the kind of decision that the RBA makes in the month of August.

CommSec Head Economist, Craig James, said that the heading number veiled the indications of a sluggish economy.