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.
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.”
The value of investor loans rose 3.8% in March to AUD10.2 billion, increasing 31.1% y/y, while owner-occupier loans (excluding first home buyers) rose 2.1% AUD12.3 billion, increasing 8.8% through the year. First home buyer loans increased 4.4% to AUD5.2 billion, rising 17.9% y/y.
The strength of the housing market has confounded the Reserve Bank of Australia's models, while the high savings rate has kept arrears lower than other western countries. (See MNI POLICY: House Price Strength Thwarts RBA Models) The board next meets May 7.
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.