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Home loan approvals double in April

The number of home loans approved in April were double than what the market was expecting, with Queensland showing signs of recovery after recent flooding. The number of home loans approved in the month rose 4.8 per cent, to a seasonally adjusted 47,347, official data shows. Economists' forecasts had centred on a 2.3 per cent rise in housing finance commitments for the month. The Australian Bureau of Statistics (ABS) said total housing finance by value rose 3.8 per cent in April, seasonally adjusted, to $19.848 billion. The Northern Territory and South Australia bucked the trend with a fall in home loan approvals at 1.3 per  cent and 1.2 per cent, respectively. Loan approvals were highest in the ACT at a seasonally adjusted 8.8 per cent, followed by Queensland (6.2 per c ent), Western Australia (4.1 per cent), Victoria (4.1 per cent), NSW (2.7 per cent) and Tasmania (2.3 per cent). 

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