Home loans rise for seventh month
THE number of home loans approved in October expanded for a seventh month, fanning hopes that the housing market will improve.
Loans rose 0.7 per cent for the month to 51,981, compared with a downwardly revised 51,639 in September, the Australian Bureau of Statistics reported.
Economists' forecasts had centred on housing finance commitments to be unchanged for the month.
The Australian Bureau of Statistics (ABS) said total housing finance by value fell 2.5 per cent in October, seasonally adjusted, to $20.458 billion.
The value of home loans for owner-occupied homes fell 1.2 per cent to $14.4 billion after seasonal adjustments. The value of loans for investment homes, though, fell 5.5 per cent to $6.1 billion.