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Australia Home Loans Sink 4.7% In February

The total value of owner-occupied home loans in Australia was down a seasonally adjusted 4.7 percent on month in February, the Australian Bureau of Statistics said on Friday – coming in at A$21.53 billion.

That missed forecasts for an increase of 1.0 percent, which would have been unchanged from the previous month.

Investment lending was down 1.8 percent on month to A$10.75 billion, so overall home loans sank 3.7 percent on month to A$32.28 billion.

On a yearly basis, owner-occupied home loans dipped 1.0 percent, investment lending surged 55.8 percent and overall lending climbed 12.6 percent.

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