Weak housing data supports rate cuts

Housing finance commitments rose just 0.1 per cent in October, the latest ABS figures show. Source: AAP

WEAKER-THAN-EXPECTED housing loan figures suggest the Reserve Bank of Australia may need to cut the cash rate further in 2013.

Housing finance commitments rose just 0.1 per cent in October, figures released by the Australian Bureau of Statistics on Monday show.

Economists had expected a three per cent rise for the month.

JP Morgan economist Tom Kennedy said the figures also showed a fall in the number of loans for first-home buyers and owner-occupied housing.

He said the data suggested the RBA may need to cut the cash rate further in order to stimulate growth the housing sector.

The RBA is counting on sectors like housing to pick up in 2013, following an expected peak in mining investment.

"The data today just reaffirms that there are numerous headwinds out there," he said.

"That's another reason that really supports further rate cuts."

The RBA cut the cash rate to three per cent at its December board meeting last week.

Macquarie chief economist Richard Gibbs said weakness in the number of home loans indicated a continued lack of confidence among would-be homeowners.

"This data is a lot more spotty than we had expected," he said.

"While the value of lending commitments is up, the number of loans remains weak, reflecting a wider lack of consumer confidence in Australia."

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