Housing finance; Consumer sentiment
- As expected, the Westpac/Melbourne Institute index of consumer confidence fell in the latest month in response to the latest interest rate hike. The index fell by 5.4 per cent to a five-month low of 110.7 in November.
- Home lending recorded a modest rise in September. The number of new home loans to owner-occupiers rose for the third consecutive month, rising by 1.3 per cent in September. In annual terms housing finance commitments are still down 24.6 per cent on a year ago.
- Construction of dwellings rose for the first time in 11 months, up by 0.5 per cent in September. The value of investment loans rose by 1.0 per cent in September. The average home loan across Australia stood at $285,100 up 5.8 per cent on a year ago.