Australia Home Loans Surge In November

The value of owner-occupied home loans in Australia jumped a seasonally adjusted 7.6 percent on month in November, the Australian Bureau of Statistics said on Friday – coming in at A$21.34 billion.

That beat forecasts for a flat reading following the 4.1 percent decline in October.

Investment lending gained 3.8 percent on month to A$10.10 billion, accelerating from 1.1 percent in October, bringing the value of overall home loans to A$31.44 billion – up 6.3 percent.

On a yearly basis, overall lending was up 33.2 percent, owner-occupied lending gains 17.2 percent and investment lending surged 86.9 percent.

Construction lending was down 35.2 percent on month but up 45.6 percent on year at A$1.63 billion.

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