July hous­ing fi­nance ap­provals beat forecasts

Port Douglas & Mossman Gazette - - FRONT PAGE -

FI­NANCE ap­provals posted a slightly bet­ter than ex­pected 2.4 per cent gain in July ver­sus the con­sen­sus fore­cast of a 2 per cent rise. West­pac’s Matthew Has­san said the bank’s fore­cast of a +1.5 per cent gain was based on an ex­pected drag from Vic­to­ria where changes in as­sis­tance for first home buy­ers (FHBs) came into ef­fect in July. That never ma­te­ri­alised with ap­provals up a solid 3.3 per cent in Vic­to­ria and only a slight de­cline in FHB ac­tiv­ity in the state. The de­tail was broadly pos­i­tive save for con­tin­ued sub­dued FHB ac­tiv­ity and a more mixed month for ‘‘ con­struc­tion- re­lated’’ ap­provals. Owner-oc­cu­pier fi­nance ap­provals exrefi con­tinue to chart a slightly stronger up­swing with a 2.7 per cent rise in July tak­ing an­nual growth to 17 per cent year on year. Fi­nance for the con­struc­tion of dwellings de­clined 2.1 per cent for the month with an­nual growth fairly flat at 1.1 per cent per.

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