Home loan approvals rise 2.2 per cent in September

The number of home loans approved by lenders in September rose by 2.2 per cent compared with the preceding month.

Figures published by the Australian Bureau of Statistics (ABS) revealed that the number of people given the go-ahead to purchase a property rose from 50,706 in August to 51,821 in September.

The total value of housing finance in this period rose by one per cent, seasonally adjusted, reaching $21.104 billion.

According to the Australian Associated Press, economist forecasts suggested that housing finance would only increase by 1.5 per cent.

Investment housing bought with fixed loans also jumped in September, rising by 1.9 per cent.

Earlier this month, the ABS published data indicating that house prices in the third quarter of the year fell by 2.2 per cent year-on-year.

Compared with the preceding three-month period, the cost of property fell by 1.2 per cent, which was less than the 1.5 per cent that was forecasted by analysts.

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