Housing loans slump
(17 May 2011 – Australia) Buyers appear to have stayed out of the housing markets, with the number of home loans approved falling to a 10-year low in March.
The number of home loans approved in March fell 1.5 percent, to a seasonally adjusted 44,968, its lowest level since February 2001. Economists’ forecasts had centred on a 2 percent rise in housing finance commitments for the month.
The Australian Bureau of Statistics (ABS) said total housing finance by value fell 0.1 percent in March, seasonally adjusted, to A$19.3 billion.
Loans for new homes rose 2.4 percent in the month while loans for construction sank 1.1 percent in the month, seasonally adjusted, the ABS said. Loans for the purchase of existing homes fell 1.8 percent in the month.
First home buyers as a share of the total increased to 16 percent in March, from 14.9 percent in February, while the average loan size for first home buyers ticked up A$2500 to A$279,500 over the same period.
The average loan size for all loans increased A$4000 in the same period to A$285,500, the ABS said.
The weighted average home price in eight capital cities sank 1.7 percent in the March quarter, the biggest fall since the September quarter 2008.
The Australian Bureau of Statistics (ABS) said total housing finance by value fell 0.1 percent in March, seasonally adjusted, to A$19.3 billion.
Loans for new homes rose 2.4 percent in the month while loans for construction sank 1.1 percent in the month, seasonally adjusted, the ABS said. Loans for the purchase of existing homes fell 1.8 percent in the month.
First home buyers as a share of the total increased to 16 percent in March, from 14.9 percent in February, while the average loan size for first home buyers ticked up A$2500 to A$279,500 over the same period.
The average loan size for all loans increased A$4000 in the same period to A$285,500, the ABS said.
The weighted average home price in eight capital cities sank 1.7 percent in the March quarter, the biggest fall since the September quarter 2008.
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