Fed: Housing slump confirmed with Feb finance down 4.1 pct

AAP General News (Australia)
04-09-2001
Fed: Housing slump confirmed with Feb finance down 4.1 pct

The slump in the housing industry has been confirmed with new figures showing fewer
Australians borrowed to buy homes in February.

The Australian Bureau of Statistics says allowing for seasonal factors, the number
of dwellings financed fell 4.1 per cent to 43,356 in February from 45,207 in January.

Particularly hard hit is the building industry, with financing for newly-built home
sales dropping 9.4 per cent to 1,438.

Financing for the proposed construction of new homes dropped 6.2 per cent to 3,667.

Total housing finance is now 7.7 per cent lower than it was a year ago.

By value, housing finance dropped 3.6 per cent to $5.85 billion in February from $6.07
billion the previous month.

Economists had been expecting a flat result after a 5.8 per cent drop in January.

AAP RTV jph/kjp/rsm

KEYWORD: HOUSING (CANBERRA)

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