Data: Building approvals down, home loans up

by BN15 Nov 2011

Building approvals took a hit in September, while home loan demand edged up slightly.

ABS figures for September show a significant drop-off for building approvals, led by a massive decline in dwellings excluding houses. Private sector dwellings excluding houses fell 30.7% for the month, seasonally adjusted, erasing the impact of a 1.1% rise for house approvals.

The impact of the fall in dwellings excluding houses saw the total number of dwelling approvals decline. Total dwellings approved fell a seasonally adjusted 13.6% for the month. The decline followed a 10.7% rise for August.

Home loan numbers, meanwhile, were up slightly for the month. September saw a 0.7% rise in owner occupied housing finance. Investor finance was up for the month as well, rising a seasonally adjusted 2.9%.

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