Australia July home loans jump sharply as mobility restrictions eased

[SYDNEY] Australia's owner-occupied home loan commitments surged by the largest in a year in July as the coronavirus-induced social distancing restrictions eased in most states and territories, data showed on Wednesday.

Figures from the Australian Bureau of Statistics showed the value of new loans for owner-occupier housing jumped 10.7 per cent in July from June, while investor housing climbed 3.5 per cent.

Australia largely curbed the spread of the novel coronavirus in May and opened its economy earlier than expected, reviving housing inspections and sales. The country's second-most populous state of Victoria relapsed into a lockdown last month, battling a second wave.

REUTERS