Credit growth eases
Credit growth missed expectations slightly, coming in at 0.6 per cent for January, and 7.6 per cent for the year.
Broad money growth for the month was...well, broadly flat.
Housing credit growth remained solid at 0.6 per cent in January, still being driven largely by owner-occupiers over the past year, although investors are now joining in.
Housing credit growth was 7.7 per cent over the year, but if you look a bit more closely the rate of change is slowing.
Indeed, the 0.67 per cent growth for the month of January was itself a little below the 0.71 per cent in December.
In turn, the housing credit impulse suggests that annual price growth in the housing market will continue to fade from here.
Flatter February
On that point CoreLogic will report Sydney prices being down slightly in January, while Melbourne was essentially flat as more supply comes online.
Brisbane will still do around 2 per cent price growth for the month, pre-flooding of course, and Adelaide about 1½ per cent price growth.
Brisbane has now outperformed Sydney since the 2019 election, with housing price growth of 43 per cent since May 2019.
Hopefully there will be some better weather on the way now as the wet stuff heads south.
