Australian Home-Loan Approvals Unexpectedly Declined In May
The number of loans granted to build or buy houses and apartments declined 1.2 percent from April, when they rose a revised 0.5 percent, the statistics bureau said in Sydney today. The median estimate in a Bloomberg News survey of 18 economists was for a 0.8 percent increase in approvals.
The value of lending to owner-occupiers gained 0.2 percent, the report showed. The value of loans to investors who plan to rent or resell homes dropped 4.6 percent.
“Stubbornly cautious consumers are proving reluctant to get into debt with heightened global uncertainty, despite 125 basis points worth of rate cuts,”