Housing loan approvals showed a decline in November, continuing the downward trend in credit issuance for housing. Total lending for the month declined -3.8% from October and remains down -15% lower than November last year. Total lending over the full 12 months to November was down -1.4% on last month and 7.2% on the 12 months to November 2017. The latest increase is driven by a -5.6% drop in Investor lending and a -2.0% drop in lending to owner occupiers. Given that the housing market in Australia is highly leveraged, the availability of credit is a significant indicator of the strength and likely direction of housing values.
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