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Overseas Property News
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Australian mortgage levels fall to 17-year low
Country: Australia
12 June 2008
The volume of Australian home loans written in April fell sharply to a 17-month low, as high interest rates deter would be homebuyes.
The Reserve Bank in Australia’s decision to keep interest rates on hold at 7.25% which is a 12-year high, following a string of consecutive interest rate rises, culminated in a 3% drop in the total number of home loans issuesd, with their overall value down 4.9% from the previous month, according to the Australian Bureau of Statistics (ABS).
However, there was a slight increase in the number of loans issued to investors – just 1.4% - but it came on the back of falls for the past two months totalling 15%.
Macquarie senior economist Brian Redican commented: "Confidence in the housing market has been sapped by the Reserve Bank's aggressive interest rate increases," he said. "It suggests the outlook for the housing market in the second half of 2008 remains quite dim."
Redican adds: "But it (the sluggish figues) suggest the Reserve Bank's policy is having the desired effect. If we do start to see this housing-market weakness spill over into other areas of the economy, and in employment, then I think it will be the signal that interest rates have probably peaked."
The ABS figures coincided with a warning from property agent CB Richard Ellis that one-third of Sydney's proposed residential projects were likely to be abandoned or deferred this year. This is expected to increase the pressure on the local rental market, forcing rents up, according to CBRE senior director of residential mortgage valuations Ted Hoskin.
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