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Just been taking a few days out at the cricket.

Don't think I've missed an awful lot.

Stock markets in the US are flirting with all-time highs.

Market pricing is beginning to think about the next move in interest rates in Australia being up (and the potential timing thereof). 

Back to the blog forthwith.

GDP per capita slides, but...

GDP per capita stalls

A lightning-quick tun through the national accounts in a two-minute read. 

The Aussie National Accounts recorded a disappointing 0.4 per cent real GDP growth for the September quarter, and 2.1 per cent growth over the year.

Given strong population growth, GDP per capita actually fell back a fraction over the quarter.

The quarterly result was held back by net exports and inventories, but the underlying trend for consumer demand and dwelling investment seems to suggest stronger growth ahead. 

Of course, we've had big population growth and above-target inflation of late.

Nominal GDP was 1.7 per cent higher over the quarter, and some 5.4 per cent higher over the year, at a fresh new high. 

For households, housing interest paid continued to slide as more attractive mortgage rates have become available to borrowers. 

In turn, this allowed the household saving ratio to rise a little. 

James Foster ran through the national accounts in more detail here. 

The wrap

Overall, the headline result was pretty disappointing, but the underlying figures seem to point towards an ongoing recovery, with a hawkish-sound RBA adding to the belief that the next move in interest rates will be up. 

On the plus side it appears that productivity may be improving as supply in the economy normalises, so hopefully this should help inflation to ease back into the target band in 2026.

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My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

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ausbiz TV: Pete's property take, a 2026 apartment wave

ausbiz TV

I joined Andrew at ausbiz TV to discuss the latest property news.

Tune in here (or click on the image below):

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1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

This is how to manage a successful renovation, with Gemma Mitchell

Property podcast

I joined finance guru Gemma Mitchell to discuss how to manage a successful reno (and whether you should even be doing a reno!).

Tune in here (or click on the image below):

You can also watch the YouTube version here:

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

Building approvals suffer a setback

Building approvals pullback

The 3 largest cities saw more than 6,500 attached dwellings approved in September, but this number dropped all the way back to under 3,900 in October.

It's a volatile data series, of course, but it looks as though the annual figures have lost just a bit of their recent momentum.

House approvals were very solid in Perth, but not so much elsewhere. 

Overall, seasonally adjusted dwelling approvals fell -6.4 per cent to 15,832 in October, and even appear to be trending lower again, against expectations. 

Over the year, about 192,000 dwellings were approved, although the pipeline remains fairly sizeable. 

Since 1 July 2024, approvals are cumulatively only running at around 79 per cent of the government's implied target (i.e. if 1.2 million new homes in five years is the goal). 

Overall, these were somewhat disappointing numbers, to dampen some of the recent enthusiasm for new housing supply. 

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

2-Sense podcast: 2026 housing market forecasts

2-Sense podcast

This week on the podcast Chris and I ran through the various 2026 housing market forecasts, rental affordability measures, and why so many properties are sold without a price guide (and how to deal with that). 

We also had time to cover some of your questions in the Listener Q&A.

Tune in here (or click on the image below):

You can also watch the YouTube version here:

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

Investor credit growth approaches decade highs

Credit impulse lifts

Business credit growth was again stronger than expected in October at 0.8 per cent - another signal that the economy may be picking up a little more pace. 

Credit growth in the private sector was a bit stronger than expected at 0.67 per cent in October, and 7.3 per cent over the year. 

Housing credit growth was 0.64 per cent - the strongest since 2022 - to be 6.5 per cent over the year.

There was another clue here as to why APRA is taking a keen interest in lending standards, with investor credit growth at 0.88 per cent in October, for the strongest result in a decade.

The housing credit impulse turned high in June 2025 and has been rising since. 

Overall, solid numbers for business credit ahead of a solid result expected to be reported for GDP in the third quarter suggests that the economy has found a firmer footing. 

Housing credit growth began to pick up some speed in the third quarter of calendar year 2025, though this also appears to reflect more new housing construction getting underway. 

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

2GB: APRA changes & what they mean for housing

Money News

I joined Evan Lucas on 2GB Money News to discuss the latest APRA changes and what they mean for the housing market.

From the 4-minute mark, tune in here (or click on the image below):

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1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

APRA introduces pre-emptive MP measures

APRA steps up

Australia's Prudential Regulator APRA launched an initial salvo of macroprudential measures this week, limiting new mortgage lending for ADIs to 20 per cent of new loans at a debt-to-income ratio of 6 times or more, effective from February 2026. 

The changes are due to come into force from 1 February next year.

In reality, currently lending standards haven't been allowing for so much high DTI lending anyway since 2021, currently tracking at around 5 per cent of new term loans by value, though some individual institutions may need to check themselves. 

High loan to value ratio lending  is also well down from where things used to be (the same is also true for interest-only lending). 

Indeed, bank stocks were trading higher this morning, though there may be some impacts on the government's 5 per cent deposit guarantee scheme for first homebuyers. 

The changes don't apply quite so strictly to non-bank lenders, of course. 

Most likely, today's announcement is an initial warning shot from the prudential regulator to lenders to keep a close eye on mortgage standards, with further measures to follow if risks are allowed to build up, particularly in the form of speculative activity via investment lending. 

CapEx spikes

Private new capital expenditure spiked 6.4 per cent in the September quarter, defying economist expectations for a more subdued figure. 

Source: ABS

What gives?

On closer inspection, the surprise result was driven by a gargantuan 91½ per cent increase on expenditure for data centres and other telco buildings and equipment. 

Source: ABS

This helped to drive equipment expenditure to a record high in the September quarter.

Granted, these figures are lumpy, and there was no market reaction to speak of, but it does look as though Australia will be seeing some major investment in data centres. 

Capital expenditure plans for 2025/2026 were also a bit better than expected at around $190 billion, so this was quite an upbeat release overall. 

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1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

Podcast: How to make 2026 your best financial year yet

Finance pod

I joined Gemma Mitchell on the Australian Finance Podcast to discuss how to make 2026 your best financial year yet.

Tune in here (or click on the image below):

You can also watch the YouTube version here:

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here. 

My new book, co-authored with Cate Bakos is available to buy here or on Amazon here - check out our free Buy Right podcast series here. 

4. Work with me privately

For a limited time you can book in a free diagnosis call with me here, so book in a call today.

Monthly inflation gauge hits 3.8pc

Inflation above expectations on new gauge

The ABS released its shiny new monthly inflation gauge for October 2025, which showed headline inflation at 3.8 per cent.

Electricity prices were a main contributor, being a frankly ridiculous 37.1 per cent higher, with the Federal government now under an awful lot of pressure to renew consumer rebates.

The 12-month change in the trimmed mean inflation reading was 3.3 per cent, which was higher than the market forecast of 3.2 per cent. 

Source: ABS

Housing (with an annual movement of 5.9 per cent) has a been a major contributor to inflation rising back above the target band, with new dwelling prices, rents, and property rates all on the up.

Source: ABS

There's no getting away from the fact that this result has the suspicious evidence of government fingerprints on it, with prices administered and indexed rising by 7.8 per cent, versus 2.8 per cent for market related prices (hat tip Shane Oliver from AMP). 

Granted, monetary policy may have a more limited impact on these sectors, while some of the known supply shocks are volatile, and may reverse in due course. 

This is a new data series and it may need to be treated with some caution, but there clearly won't be any interest rate cuts for a fair while to come with core inflation now above target, and it's possible we've seen in the final cut in this cycle.

Housing market investors and those with mortgages will be happy to see the value of their debt being inflated away at such a rate - and have evidently benefited from surging rents over the past 5 years - while interest rate settings are also keeping something of a handbrake of dwelling construction.

On the other hand, they may not benefit from any further monetary easing in this cycle. 

James Foster ran through the key figures in more detail here.

Housing construction picks up pace

In other news, the value of new house construction picked up sharply in Q3, after a recent lull. 

Apartment construction also lifted significantly in the September quarter. 

Notably, construction is firing up in south-east Queensland, with some huge towers approved for development on the Gold Coast (including one 390-metre monster apartment tower!). 

That said, there is perhaps something of a window for these developments to be delivered by the larger market players, before attention turns to infrastructure projects for the 2032 Olympics. 

There's no shortage of infrastructure works in New South Wales, with engineering construction work done lifting to a record $10.3 billion across the quarter in the Premier State.

Nationally, engineering construction work done 'fell' by -5.8 per cent in the September quarter, but this was essentially due to the preceding quarter recording a massive $3.9 billion spike in the Northern Territory - which mostly related to a floating module launched off the Barossa LNG project (and obviously wasn't repeated this quarter).

Overall, there's something of a hand-off happening in the economy, with government spend and hiring no longer taking employment forward as was once the case, but a surge in residential construction may yet pick up the slack. 

---

1. Download our property buying guide

Download our free property buying guide here. 

You can also check out a few of our recent property purchases here. 

Get in contact with us today if strategic property investment is your thing. 

    2. Subscribe to our Top 10 Podcasts for Investors

Listen in to our podcasts

The Australian Property Podcast is rapidly becoming one of Australia's biggest business podcasts, now with well over 50,000 audio downloads per month, and growing fast.

And our popular Low Rates High Returns Show also remains available on Spotify.

    3. Subscribe for my free daily blog

Subscribe for my free daily blog with more than 4 million hits here. 

You can also catch up with me daily on Twitter here, where I'm far too active daily and have over 15,500 followers. 

By the way, I'm an 8-times published author on finance, investing, and business, so you can check out some of my books here.