Australia Housing Finance Rises Unexpectedly

The total number of owner occupied housing commitments in Australia increased unexpectedly in May, after falling in the previous five months, figures from the Australian Bureau of Statistics showed Wednesday.

On a seasonally adjusted basis, total number of owner occupied dwelling commitments rose 1.1 percent month-over-month in May, reversing a 0.9 percent fall in April.

In contrast, economists had expected 2.0 percent decline for the month.

The value of owner occupied housing commitments, excluding alternations and additions, climbed 0.5 percent.

Meanwhile, the total value of investment housing commitments dropped slightly by 0.1 percent.

News are provided by InstaForex