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Free AccessAustralia 1st Home-Buyer Loans Surge in Aug on Govt Incentives
--Investor Loan Value Rebounds from July Decline
SYDNEY (MNI) - Housing-finance data for August published by the Australian
Bureau of Statistics on Thursday:
August July
--------------------------------------------------------------------------------
(M/M %, seasonally (M/M %, seasonally
adjusted) adjusted)
Number of Owner-Occupied Dwelling +2.8(revised from
Commitments +1.0 +2.9)
MNI Median Consensus +0.4 (-0.5 to +1.0)
-Construction of Dwellings -2.4 +4.0
-Purchase of New Dwellings +1.5 +2.2
-Purchase of Established
Dwellings +1.5 +2.7
Value of Dwelling Commitments +2.1 -0.6
-Owner occupied housing +0.9 +1.3
-Investment housing +4.3 -3.7
FACTORS: The number of loans to first home buyers rose sharply in August,
up 14% m/m, due to a change to first-time home buyer incentives made in July by
the New South Wales and Victorian governments. The increase also pushed up the
ratio of first-time home buyer finance commitments to total mortgages to 17.2%
in August from 16.6% in August.
Overall, finance commitments for owner-occupier dwellings rose at a slower
pace in August due to a slowing in the rate of loans for purchase of established
and new dwellings as well as a fall in number of loans for construction. In
trend terms, housing finance was up 1.0% m/m in August, the same as July and
higher than the 0.1% pace seen in April this year.
In value terms, total loan growth rose strongly in August mainly due to a
4.3% surge in loans for investment housing which rebounded from a 3.7% fall in
July.
TAKEAWAY: The data was higher than expected and continues to raise doubt
about whether housing market activity has indeed slowed as much other data show.
While the rise in investment housing loan value is a rebound from the fall in
the previous month, it still raises concern on whether investor activity has
slowed to the extent regulators desire. An update on the regulators' view on the
housing market and overall financial stability will be revealed in the financial
stability review to be published by the Reserve Bank of Australia on Friday.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE,MALDS$,M$A$$$,M$L$$$,MT$$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.