September 2017
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06:59:27 am

Australia Home-loan Approvals Rise In September

Housing is emerging as one of the few areas of strength in the economy as a long resources boom cools. The central bank has cut rates eight times since late 2011 in a bid to spur activity in areas like retail and housing that have led previous expansions. But at the same time, policy makers are worried about the housing sector overheating, leading to risky investment that could derail a fragile economic recovery. The latest cut in August took the cash rate to a record-low 2.5%. Home-loan approvals have been rising steadily so far this year, with the exception of August, when they fell by a downwardly revised 4.0%. Finance approvals to build new houses rose 1.8% in September from August.
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