Housing credit growth picking up gradually
Housing credit growth came in at 0.4 per cent in January, which is pretty solid.
Investor credit growth - on a net basis - has continued to slow from 0.29 per cent in October to a very anemic 0.22 per cent in January.
We're seeing many instances of rental leases being renewed at 30 to 50 per cent higher levels, so investors should eventually be lured back into the market in 2024...but many are still selling for now, due to higher mortgage rates.
Owner-occupier credit growth was notably stronger at 0.44 per cent, for a 15-month high.
Overall, then, the housing credit impulse continues to strengthen, pointing to some price growth in 2024.
Credit growth was 4.9 per cent over the year for the Aussie economy, well down from 7.5 per cent a year earlier.
Other news
Retail turnover came in softer than expected for January, failing to recover the plunge from the preceding month.
Consumer spending is stalling and will continue to fade throughout 2024, and Australia's 3-year bond yield reflects these softening expectations, declining to a shade under 3.7 per cent.
A slightly brighter spot was to be found in the latest CapEx figures, with a huge +17.5 per cent surge in renewables infrastructure spending over the past year.
We aren't building nearly enough dwellings, but there's a vast amount of investment in infrastructure taking place.
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In other news, wages growth looks to be cooling.
Via SEEK:
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