April 10, 2016, 09:49:00 PM EDT By Dow Jones Business News
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By James Glynn
SYDNEY--The number of Australian home-loan approvals rose a seasonally adjusted 1.5% in February from January, the Bureau of Statistics said Monday.
Economists surveyed ahead of the announcement had expected a 2.2% rise for the month.
Finance approvals to build new houses fell 1.9% in February. Approvals to buy newly built dwellings fell 15.4%, while lending for the purchase of established homes rose 3.0% in the month.
Lending for housing has been slowing after regulators moved to cool surging housing price growth in 2015. Those lending clamps on banks remain in place,
Still, housing is supported by record-low interest rates and a solid job market.
The Reserve Bank of Australia says it remains more likely to cut interest rates over the medium term. Market pricing suggests the central bank could deliver its first interest rate cut in a year in May.
-Write to James Glynn at [email protected]
(END) Dow Jones Newswires
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