SYDNEY (Dow Jones)--The number of housing finance approvals in Australia fell a seasonally adjusted 5.6% in November from October, the Australian Bureau of Statistics said Tuesday.
Economists surveyed ahead of the announcement on average had expected a fall of 2.3% in November.
Australian housing finance approvals
Period Number A$ Value
Nov 09 59,516 16.54 Bln
Oct 09 63,016 17.04 Bln
Nov 08 52,179 13.27 Bln
(All data are seasonally adjusted.)
The value of investment housing loans in November rose 2.1% from October.
The bureau said its trend estimate for the number of housing finance approvals, which further smoothes seasonally adjusted data, fell 1.1%.
In a breakdown of the data, the bureau said the number of finance approvals to build houses fell a seasonally adjusted 6.5% and the number of approvals to buy newly built houses fell 5.1%.
The number of approvals for the purchase of established houses decreased 5.4%.
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