Housing credit growth picked up to 6.2 per cent in August,
However, housing price growth is typically driven by the acceleration - the rate of change - in mortgage credit, and this all but peaked out in August.
Expect capital city annual house price growth to peak at 19 per cent this month.
There could be some near-term distortions from low stock levels, but new listings are set to rise from here.
Business credit growth was healthier at 3.4 per cent over the year, taking total credit growth to 4.1 per cent for the year to August.
Unfortunately Victoria's Covid outbreak seems to be out of control with 1,438 cases reported today from a lower level of testing than New South Wales, so the reopening of the economy could be delayed.
