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MNI BRIEF: Aussie Home Loans Rise 3.1% In March

(MNI) Melbourne

Australian home loan values rose faster than expected over March.

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Australian home loan values rose 3.1% m/m in March, higher than the 1% market expectation, and 17.9% y/y to AUD27.6 billion, data from the Australian Bureau of Statistics showed Friday.

“The rise in the value of new home loans over the past year reflected increases in the average loan size, in line with rising house prices over the same period,” said Mish Tan, head of finance statistics, at the ABS. “Meanwhile, in original terms, the number of loans reaching the final commitment stage is broadly similar to a year ago.”

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Australian home loan values rose 3.1% m/m in March, higher than the 1% market expectation, and 17.9% y/y to AUD27.6 billion, data from the Australian Bureau of Statistics showed Friday.

“The rise in the value of new home loans over the past year reflected increases in the average loan size, in line with rising house prices over the same period,” said Mish Tan, head of finance statistics, at the ABS. “Meanwhile, in original terms, the number of loans reaching the final commitment stage is broadly similar to a year ago.”

Keep reading...Show less