The value of lending for housing dropped sharply in July as property prices fall in most major Australian cities.
The Australian Bureau of Statistics said new loan commitments for housing dropped 8.5 per cent, or $28.4 billion, on the previous month following a monthly fall of 4.4 per cent in June.
The value of new owner-occupier loan commitments fell seven per cent to $19 billion, while new investor loan commitments fell 11.2 per cent to $9.3 billion.
