The outlook for the housing industry in Australia remains gloomy after data showing the value of lending to the sector is still heading lower. Figures released by the Australian Bureau of Statistics (ABS) show the number of loans approved to home buyers rose by an insignificant 0.3 per cent, after seasonal adjustment. Sources: AAP, Industry Search
The value of home loans approved was down by the same margin, while the value of loans approved for investors fell by 1.0 per cent. Overall, the value of housing loans – including loans to both investors and home buyers – fell by 0.5 per cent in total and by 1.0 per cent excluding refinancing transactions, the third consecutive fall by both measures.
The ABS trend measure of housing finance approvals was down by 0.2 per cent in the month, to be up by 4.6 per cent for the year. But the trend has clearly flattened – in the most recent six months; the rise on the trend measure was less than 1.0 per cent.
