Australia data - October Home Loans: -0.5% m/m (expected -1.0%)

Australia Housing finance for October

Home loans -0.5% m/m,

• expected -1.0%, prior was 2.0%

Investment lending -6.1% m/m,

• prior was -8.2%, revised from -8.5%

Owner-occupied loan value +0.4% m/m,

• prior +3.1%, revised from +3.0%

The Australian Prudential Regulation Authority has been implementing measures to slam the brakes on runaway investor lending in the housing sector. There have been some moves by investors to get around the restrictions by having loans classified as owner-occupier ... but that should not detract from a clear overall slowing in loan growth. The APRA measures are having an impact.

more to come