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Australia Home Loans Spike 10.9% In January

The total value of owner-occupied housing loans jumped a seasonally adjusted 10.9 percent on month in January, the Australian Bureau of Statistics said on Monday - coming in at A$22.11 billion.

Investment lending climbed 9.4 percent to A$6.64 billion, while overall lending rose 10.5 percent to A$28.75 billion.

On a yearly basis, owner-occupied lending surged 52.3 percent, investment lending jumped 22.7 percent and overall lending spiked 44.3 percent.

For businesses, construction lending plummeted 32.9 percent on month and 32.9 percent on year to A$1.43 billion, while property purchase sank 25.7 percent on month and 12.5 percent on year to A$4.00 billion.

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