The number of mortgages approved in Australia rose for a seventh consecutive month in October, offering hope that the country’s housing market will improve.
According to a report by the Australian Bureau of Statistics (ABS), home loans climbed 0.7 percent to 51,981 in October, compared to a revised figure of 51,639 in September. Many economists’ forecasts had centred on housing finance commitments and said this would be unchanged for the month.
Meanwhile, the ABS said total home financing by value dropped 2.5 percent to A$20.458 billion (S$26.98 billion) in October, the value of mortgages for owner-occupied homes declined 1.2 percent to A$14.4 billion (S$18.99 billion), and the value of loans for investment homes dropped 5.5 percent to A$6.1 billion (S$8.04 billion).
Additionally, the number of commitments to acquire new homes increased 0.1 percent after seasonal adjustments. Loan commitments for building homes dropped 1.7 percent, while commitments to purchase established homes rose 0.9 percent.
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