April sales slow for AFG

The monthly sales index provided by the Australian Financial Group shows demand for new home loans in Australia is still weak.

The raw data, which is not subject to any seasonal analysis, shows sales fell 16 per cent, to $2.1 billion, in April 2011, a month affected by an unusual five-day weekend, as Easter bumped into Anzac Day.

On a "volume per business day basis", AFG home loan originations in April were somewhat higher ($117 million) than in March ($111 million), the firm said in its monthly circular.