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Housing finance falls to 10-year low on Queensland floods
THE number of home loans approved in March fell to a 10-year low, dragged down by the Queensland floods and by the November rate hike.
The number of home loans approved in March fell 1.5 per cent, to a seasonally adjusted 44,968, its lowest level since February 2001.
Economists’ forecasts had centred on a 2 per cent rise in housing finance commitments for the month.
The Australian Bureau of Statistics (ABS) said total housing finance by value fell 0.1 per cent in March, seasonally adjusted, to $19.300 billion.