Housing finance numbers for owner-occupiers fell by a large 5.9% compared to expectations for a 0.5% rise. Housing finance approvals are now 0.2% lower than at the same time last year.
Finance values for established dwellings took the brunt of the fall in finance values, down by 6.9% as low affordability and higher interest rates curbed demand.
RBA interest rate rises and the unofficial tightening by the banks have broken the back of the housing market.
The housing finance data adds to evidence of a slowing economy that has already come from falling business and consumer confidence, weak retail sales, building approvals and [...]
RBA interest rate rises and the unofficial tightening by the banks have broken the back of the housing market
April 14th, 2008 · No Comments
Tags: Australia and New Zealand
Australia / New Zealand - The Central Bank Appearances
March 24th, 2008 · No Comments
Australia: There is a busy fortnight ahead for RBA Governor Stevens and his department, as they continue to react to changes in market and macro risk in this volatile environment. This Thursday includes a speech on “Recent Financial Developments’ to a Euromoney conference in Sydney, followed a couple of hours afterwards by the semi annual RBA semi annual Financial Stability Review.
The following week brings the RBA’s monthly rate decision on Tuesday (April 1) and Governor Stevens’ semi-annual appearance before the parliamentary economics committee on Friday (April 4). The FSR is important in light of the RBA observations about the recent tightening [...]
