Simon Murray, Research Analyst at Westpac, notes that Australian housing finance approvals continued to soften in August as the headline number of owner occupier loans fell 2.1%, -10.2%yr, and excluding refinancing, the decline amounted to 2.9%, -13.9%yr.
“The value of investor loans were also lower, down 1.1% to be 20.5% lower over the past year to August (an estimated -26% excluding refinancing).”
“The total value of housing finance approvals including investors but excluding owner occupier refi, fell 2.7% in August and is down 13.6% in annual terms.”
“Overall, the finance data is consistent with the continued cooling in market conditions evident in auction markets and prices. The latest CoreLogic price data continues to show price declines.”
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.