Home loan values take a dive in March
After four months of rises, values and commitments fall.
The value of Australian home loans fell 0.1% to $33.359 billion in March, the first reduction in four months.
Australian Bureau of Statistics (ABS) housing finance figures for March found the value of owner-occupied housing commitments rose slightly (0.1%) month-on-month.
However, the number of owner-occupied housing commitments decreased (-0.1%) to 54,807, while the number of construction commitments rose (0.4%) to 5,696.
Commitments for the purchase of new dwellings was slightly higher month-on-month (0.2%) at 2,801, while commitments for the purchase of established dwellings fell (-0.1%) to 46,310.
The number of first home buyer commitments as a percentage of total owner-occupied housing finance commitments rose to 13.6% in March from 13.3% in February.
After months of high housing demand, new analysis shows supply is outstripping demand in some cities.
The value of outstanding loans financed by Authorised Deposit-Taking Institutions (ADIs) jumped 0.4% month-on-month in March to $1,580 billion. Outstanding owner-occupied loans, financed by ADIs, increased 0.4% to $1,027 billion, while investment housing loan outstandings rose 0.4% to $554 billion.
Outstanding housing loans for banks rose 0.5% in March to $1,543 billion. Owner-occupied loans rose 0.5% to $997 billion and outstanding investment housing loans were up 0.4% to $545 billion.
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