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Australian Home Loans rose by 2.9%

Friday, Sep 08 2017
Australian Home Loans rose by 2.9%

Australian home loan lending fell in July, led by a sharp drop in investor loans. However, as investor activity continues to cool, there’s renewed evidence that first home buyers are starting to take their place. According to the Australian Bureau of Statistics (ABS), housing finance fell by 0.9% to $33.027 billion in July in seasonally adjusted terms, led by a steep decline in investor lending which slumped 3.9% to $12.063 billion, the lowest level since August 2016.

In terms of actual loans, they increased by 2.9% to 56,464 in seasonally adjusted terms, well above the 1% lift that had been expected by economists. Within that figure, owner-occupier loans to buy an established dwelling rose by 2.9% to 46,939, explaining most of the lift in the headline figure.

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