Mortgage lending up in surprise November result
According to new Australian Bureau of Statistics (ABS) data, the number of new home loans for owner-occupiers rose 2.5 per cent in November to a seasonally adjusted 50,526.
In addition, the ABS said that total housing finance by value rose nationwide by 1.2 per cent in November.
Speaking to the AAP, Commonwealth Bank economist James McIntyre said the result was unexpected given the forecasts of a fall in housing finance commitments for the month.
"(That is) quite a good outcome given the headwinds that people saw for November," he said.
However, Mr McIntyre said the rise in new home loans was unlikely to encourage the RBA to raise the cash rate any time soon given the effects of the Queensland floods.
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