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Australian Home Loans increased by 0.5%

Friday, Mar 10 2017
Australian Home Loans increased by 0.5%

Home financing in Australia rose unexpectedly in January, complicating forecasts calling for a down cycle in domestic real estate. The number of home loans issued by Australian authorities rose by a seasonally adjusted 0.5% in January, following a gain of 0.4% gain the previous month, the national statistics office said in a report on Friday. Analysts in a median estimate forecast a month-on-month decline of 0.9%.

Investment lending for homes, which is used to gauge fixed residential property, rose 4.2% from December, following a gain of 1% the previous month. The market for new homes may have peaked in December, but the outlook remains steady, according to data from the Housing Industry Association (HIA). The industry group reported earlier this week that new home sales fell 2.2% in January, with sales of detached and unit homes falling.

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