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Australia: Housing sector looks set for a recovery

Posted on 14 March 2013

Home loan approvals have fallen for the fourth consecutive month, but there are signs the housing sector will improve in 2013 as consumer confidence picks up. The number of home loans approved in January fell 1.5 per cent, but their value rose 2.4 per cent, the Australian Bureau of Statistics found.
However the outlook seems to be brighter with the Westpac/Melbourne Institute index of consumer sentiment, also released on Wednesday, hitting a two-year high in March. HSBC Australia chief economist Paul Bloxham said recent interest rate cuts by the central bank were yet to take effect on the housing market………………………………….Full Article: Source


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