Investor credit rising for 15 months

Credit growth solid

Housing credit growth was again solid in November, coming at 0.5 per cent for the month, and 5.4 per cent for the year.

Despite higher nominal interest rates, investor credit growth has been picking up for 15 months now.

It was another solid month for credit growth overall, with business credit growth rising to 8½ per cent over the year.

The housing credit impulse is running a bit ahead of capital city housing price growth now.

This can sometimes happen in November when there is a high volume of auction listings.

It will be interesting to see how February kicks off, as there are plenty of willing borrowers with interest rates expected to fall over the next 18 months, but there might not be quite so much stock for sale in the new year.

Source: SQM Research

There's been a bit more stock for sale of late, but the market tends to go to sleep now until the end of January. 

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