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Analysts at ANZ point out that all categories of housing finance in Australia has posted a sharp losses and were below market expectations.

Key Quotes

“Owner-occupier finance was hit hardest, although this may be a correction to last month’s spike of owner-occupier finance, which was the highest monthly gain since August 2017.”

“The monthly loss of investor finance result is about average for the last year, while the annual result is the 13th consecutive decline of 20% or more. This points to persistent but not worsening rates of reduction across housing finance categories.”

“The value of housing finance fell by 3.2% m/m in March, more than reversing the gain seen in February. After last month’s bounce, a fall was not surprising, although the magnitude of the loss was larger than expected. The y/y decline slowed marginally, though, from -20.3% in January, -18.6% in February to -18.4% in March.”