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Australian housing finance falls sharply in November, finance for first home buyers to outperform in near term

Australian housing finance dropped in the month of November as lending to owner-occupiers, first home buyers and investors all fell in the month. The fall in November reinforces the view that October’s rise was a one-off.

On a year-on-year basis, finance approves fell 16 percent, the most rapid decline since 2010. Sequentially, housing finance fell 2.6 percent. The value of finance for owner-occupiers dropped 1.7 percent sequentially and 10 percent year-on-year. Investor finance shrank more rapidly, as has been typical in this cycle, declining 4.5 percent sequentially and 23.4 percent year-on-year.

In the owner-occupier category, first home buyer finance continued its outperformance, although still falling 1 percent in the month. In value terms, finance for first home buyers rose as a share of total finance to 13.7 percent, which is the largest share since 2012.

“The combination of stamp duty discounts in some states and improved affordability likely means that finance for first home buyers will continue to outperform in the near term”, said ANZ in a research report.

At 14:00 GMT the FxWirePro's Hourly Strength Index of Australian Dollar was highly bearish at -108.093, while the FxWirePro's Hourly Strength Index of US Dollar was bullish at 84.1659 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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