Data shows demand for home loans in Australia continues to drop

13:20, May 12, 2010      

Email | Print | Subscribe | Comments | Forum 

Australian Bureau of statistics data published on Wednesday has showed demand for home loans dropped for a sixth straight month in March, suggesting rising interest rates were already biting prior to the last two rate increases.

The data has showed that just 48,260 home loans were granted in March, a 3.4 percent seasonally adjusted decline from February, Australian Associated Press reported.

This was the smallest amount of home loans granted in one month in nine years, and was roughly in line with the three percent decline forecast by economists.

The proportion of first home buyers taking up a loan dropped to 16.1 percent in March, the smaller amount since April 2008.

This was down from 18.1 percent in February and a record 28.5 percent set in May last year when the federal government's more generous first home owners grant was in full swing.

The Reserve Bank of Australia has raised the cash rate twice since March to 4.5 percent, a total of six increases since October last year, and money markets were expecting further hikes to at least five percent before the end of the year.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion