Australia Home Loans Surge In November

(RTTNews) - The value of owner-occupied home loans in Australia jumped a seasonally adjusted 7.6 percent on month in November, the Australian Bureau of Statistics said on Friday - coming in at A$21.34 billion.

That beat forecasts for a flat reading following the 4.1 percent decline in October.

Investment lending gained 3.8 percent on month to A$10.10 billion, accelerating from 1.1 percent in October, bringing the value of overall home loans to A$31.44 billion - up 6.3 percent.

On a yearly basis, overall lending was up 33.2 percent, owner-occupied lending gains 17.2 percent and investment lending surged 86.9 percent.

Construction lending was down 35.2 percent on month but up 45.6 percent on year at A$1.63 billion.