Australians Borrow Less for Second Successive Month: ABS

Economists had previously expected a fall of 2.3 per cent in November, The Australian reports.

Finance approvals to build houses fell an adjusted 6.5 per cent and approvals to buy newly built houses fell 5.1 per cent, the ABS said.

Loan approvals for existing homes fell 5.4 per cent.

First home buyers are less prevalent in the market now – accounting for 19.4 per cent of finance, compared to 26.5 per cent in the first half of 2009, and when government introduced grants existed in the market.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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