16.01.201821:16:00UTC+00Australia November New Home Loans Climb 2.1% On Month

The total number of new home loans issued in Australia advanced a seasonally adjusted 2.1 percent on month in November, the Australian Bureau of Statistics said on Wednesday - standing at 56,625.

That beat expectations for a flat reading following the 0.6 percent decline in October.

The value of loans climbed 2.7 percent on month to A$21.322 billion following the flat reading in the previous month.

Investment lending picked up 1.5 percent to A$12.185 billion following the 1.6 percent gain a month earlier.

The number of commitments for the purchase of new dwellings rose 0.5 percent and the number of commitments for the purchase of established dwellings rose 0.2 percent.

The number of commitments for the construction of dwellings fell 0.7 percent.

The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 18.0 percent in November from 17.6 percent in October.

Also on Wednesday, the latest survey from Westpac Bank showed that consumer confidence in Australia picked up steam in January, as its index jumped 1.8 percent to a score of 105.1.

That follows the 3.6 percent spike in December to a reading of 103.3.

A reading above 100 indicates that optimists outnumber pessimists.