Australian housing finance down 3.5% in January 2015
Australian housing finance approvals to owner occupiers fell 3.5% in Jan more than reversing a 2.7% rise in January. That was weaker than the expected 2 decline although it should be noted that seasonal adjustment issues…
Australian housing finance approvals to owner occupiers fell 3.5% in Jan more than reversing a 2.7% rise in January.
That was weaker than the expected 2 decline although it should be noted that seasonal adjustment issues can amplify month to month volatility at this time of year (raw approvals drop by 15-20% in Jan). Approvals are down 0.2% on January last year.
The detail was mostly weak: owner occupier finance approvals ex refinance were down a hefty 4.4%mth; construction-related approvals down 4.8%mth.
Investor lending was the main exception with the 0.1% dip coming after a very strong rise in Dec that was revised up from +6%mth to +6.4%mth.
Westpac notes in a report on Wednesday:
By state, owner-occupier finance approvals fell heavily in SA and WA, with milder declines in Qld, Vic and NSW (the latter down just 0.4%mth).
Obviously, this reading pre-dates the RBA's latest interest rate cut. Impacts from the February move are likely to show through from March-April (figures released May-June).
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