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Australia Home Loans Sink 4.1% In October

The value of owner-occupied home loans in Australia was down a seasonally adjusted 4.1 percent on month in October, the Australian Bureau of Statistics said on Thursday - coming in at A$19.84 billion.

That missed forecasts for an increase of 1.0 percent following the 2.7 percent decline in September.

Investment lending was up 1.1 percent to A$9.73 billion after gaining 1.4 percent in the previous month.

Overall home loans were worth A$29.57 billion, down 2.5 percent on month.

On a yearly basis, owner occupied loans were up 15.1 percent, investment lending skyrocketed 89.6 percent and overall lending surged 32.2 percent.

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