Australia: Housing finance approvals soften further - Westpac
|Matthew Hassan, Research Analyst at Westpac, points out that Australian housing finance approvals continued to soften in September as the headline number of owner occupier loans declined 1% in line with the consensus forecast.
Key Quotes
“Ex refinancing, the decline was a milder 0.5%mth.”
“The value of loans was considerably weaker. In particular the value of owner occupier loans dropped 4.2%mth to be down 8% in the space of two months. With the number of approvals showing much milder declines, the implied average loan size has declined notably, by 3.6% since May, or $14.6k.”
“The combined total value of housing finance approvals including investors but excluding owner occupier refi, fell 3.7% to be down 14.2%yr.”
“Overall, the finance data shows continued soft conditions, particularly across the owner occupier segment where tighter lending standards look to now be the main source of weakness.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.