Credit impulse defiantly strong

Credit growth solid

Housing credit growth came in at +0.4 per cent in June, to pick back up to +4.7 per cent over the year.

This was enough to see home values rising by +0.5 per cent in July, for an 18th consecutive rise.

The credit impulse has continued to pick up, and given the significant shift in bond yields over recent weeks, it will probably continue to do so over the year ahead.

Investor credit growth was still very low given that prices and populations have increased, rising +3.6 per cent over the year, but the cycle nadir was passed well back in September 2023.

Business credit was solid, resulting in total credit growth of +0.6 per cent over the month, and +5.6 per cent over the year.

Australia's 3-year bond yield was trading below 3.7 per cent this morning, a drop of some 50 basis points since June 27.

Home values rose for an 18th consecutive month in July according to CoreLogic, but Melbourne, Hobart, and Darwin all recorded quarterly declines.

Source: CoreLogic

Looking ahead, the headlines are looking for a pick-up in housing market sentiment as the interest rate hiking cycle ends. 

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