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The Australian Bureau of Statistics released its home loans data on Monday. Home loans in Australia fell 0.7% in November, missing expectations for a 1.8% rise, after a 0.2% increase in October. October's figure was revised down from a 0.3% gain. That are signs of a weakening in the housing sector.
Growth in recent months was driven by cheap credit as interest rate in Australia has remained at a record low of 2.5% since August 2013. The Reserve Bank of Australia is concerned over the sharp increase in house prices, and it is eager to prevent Australian housing market from overheating.
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