I wouldn’t take much notice of these statistics just yet. The last few weeks have seen the worst weather the country has experienced in years.
The trend is what is important and we will not know that for a month or two yet.
Margins of loan approval numbers & total values over year earlier in sharp decline
19 July 2013
Weekly Reserve Bank figures on housing loan approvals show the number of approvals was still above the same week a year earlier until last week, and the value of approvals was still more than 10% above a year earlier until mid-June.
The weekly approval number declined last week, compared to the same week a year earlier, for the first time since July 2011. The value of approvals, at $1.143 billion, was still 3.2% above a year earlier, but the margin has declined from 10% above in mid-June, 20% above in mid-January, and 35.5% above in July 2012.
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