Meanwhile owner-occupier annual credit growth recorded another significant jump in surging to a 64 month high of +6.95 per cent, with homebuyers looking to take advantage of attractive mortgage rates.
The chart below shows how lenders in the housing market have conveniently managed to shift almost seamlessly away from investment lending to owner-occupier credit, with a bit of reclassification jiggery-pokery along the way.
In fact, the data submitted by lenders makes it look as though the chart has been drawn up on an Etch-A-Sketch.
There have been a few pro-equities articles today discussing "plummeting" lending and investors "leaving the market in droves".
That's interesting, but it's not what I'm seeing. Don't forget that housing credit expanding at a pace of +7 per cent implies a doubling in outstanding credit over a decade.
It's all in the marketing, I guess.