Monday, 12 January 2015

Home loans fall in November as housing markets weaken

Latest ABS home loan data reports that the number of home loans approved for owner-occupiers in Australia fell by 0.7 percent seasonally adjusted over November.

All states recorded falling home loans over November with the exception of Victoria which increased marginally by 0.6 percent.

New South Wales reported the greatest fall in monthly home loans of the mainland states down by 2.2 percent followed by South Australia down 1.6 percent, Western Australia down 1 percent and Queensland down 0.2 percent.

Loans for residential investment In Australia also fell over November down by 0.2 percent seasonally adjusted. The November fall in housing investment finance follows the record result for October and is the first fall in the series since May.

The November results confirm weakening housing market activity generally over the latter part of 2014 with moderating house price growth and falling auction clearance rates