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Australian home loans still weak

AUDUSD News by Allie Longford on 22:10 Octuber 10, 2016 EST
The value of owner-occupier lending fell by 1.6% to $19.497 billion in August in seasonally adjusted terms the Australian Bureau of statistics earlier today.

Excluding refinancing, the value of lending fell to $13.073 billion fractionally above the $13.041 billion level of July and well below the most recent peak of $14.366 billion seen in September 2015.

Refinancing of owner-occupier loans came in at $6.424 billion, down from $6.777 billion in July and the lowest total seen in a year.

Excluding refinancing, loans to buy an existing property fell by 1.3% y/y, the lowest number since May 2015.

Loans to purchase a new home also down by 0.4% to 2,614 and loans for the construction of a new home rose by 3.7%.

The percentage of owner-occupier loans to first home buyers rose to 13.4% just above the decade-low of 13.1% made in November last year.

The value of investor lending rose however for a fourth consecutive month but after seasonal adjustments the value of lending to investors rose by merely 0.1% a decline of 5% yoy, a consolation considering just in spring the reading reached -26%.