Australian home-loan approvals fell in December for a third month and the proportion to first-home buyers slumped to an eight-and-a-half year low as central bank interest-rate cuts failed to lure buyers into the market.
The number of loans granted to build or buy houses and apartments declined 1.5 percent from November, when they dropped a revised 0.7 percent, the statistics bureau said in Sydney today. The median estimate in a Bloomberg News survey of 16 economists was for approvals to remain unchanged.
Rate Cuts
The value of lending to owner-occupiers declined 2.7 percent, the report showed. The value of loans to investors who plan to rent or resell homes dropped 2.4 percent.
RBA Governor Glenn Stevens and his board in December cut the benchmark rate to 3 percent, matching the level set during the 2009 global recession. The RBA has lowered borrowing costs in six moves: 25 basis points apiece in November and December 2011, then 50 basis points in May, 25 in June, 25 in October and 25 this month. Still, the number of Australian construction jobs fell by 21,900 in the 12 months through November.
Concern about job security in Australia has curbed retail spending, which fell in the final three months of 2012, the longest decline in 13 years. Consumer confidence was little changed last month as households concerned about their finances shrugged off rate reductions, a private report showed Jan. 16.
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