MNI: Australia Nov Housing Finance Up But Trend Slows Further

By Sophia Rodrigues

     SYDNEY (MNI) - The number of loans for owner-occupied housing rebounded in

November and rose by the fastest pace since July but this didn't prevent a

further slowing in trend rate caused mainly in fall in loans for construction

earlier in the year.

     Data published by the Australian Bureau of Statistics Thursday showed the

number of loans for owner-occupied housing rose 2.1% m/m in November, the

fastest rate of growth since the 2.6% rise in July. The trend rate, however,

slowed to 0.1% m/m, matched the rate last seen in April. 

     In value terms, total loan growth rose 2.3% m/m, the highest in three

months and this was mainly owing to rise in owner-occupier loans which recorded

the best gain since May. 

     From Housing Finance data for November published by the Australian Bureau

of Statistics on Thursday:

                                                November                 October

--------------------------------------------------------------------------------

                                      (M/M %, seasonally      (M/M %, seasonally

                                               adjusted)               adjusted)

Number of Owner-Occupied Dwelling

Commitments                                         +2.1      -0.6 (no revision)

MNI Median Consensus                                +0.5

-Construction of Dwellings                          +2.0                    -1.6

-Purchase of New Dwellings                          +2.6                    -2.1

-Purchase of Established

Dwellings                                           +2.1                    -0.3

Value of Dwelling Commitments                       +2.3                    +0.3

-Owner occupied housing                             +2.7                    -0.5

-Investment housing                                 +1.5                    +1.8

--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com

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