Australia’s value of home loans falls 5.2% in June quarter
The number of loans dropped 5.4% in the quarter
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[SYDNEY] Australia recorded a second quarter of sharp falls in home loans in the June quarter as higher borrowing costs and proposed changes to taxes on investment cut demand, another sign interest rate hikes were working to slow the economy.
Data from the Australian Bureau of Statistics out on Friday showed total new home loans by value fell 5.2 per cent in the June quarter to A$97.6 billion (US$68.9 billion), on top of a 3.4 per cent drop the previous quarter. The number of loans dropped 5.4 per cent in the quarter.
Loans for owner occupiers fell 1.9 per cent by value, while those for investment properties dropped a steep 10.2 per cent. The ABS noted annual growth in investor loans slowed to 2.4 per cent in the June quarter, from 19.4 per cent the previous quarter. REUTERS
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