Arrears improve
Bendigo and Adelaide Bank (ASX: BEN) also reported lower cash earnings and net profit after tax in FY 2019, although the share price responded positively this morning.
It was interesting to note 90 plus day mortgage arrears falling to 0.4 per cent in FY 2019 from 0.5 per cent in FY 2018.
The improvement was seen across all states and territories.
More improvements are likely to follow with two recent interest rate cuts having eased mortgage stress considerably, and with mortgage rates continuing to decline in line with record low finding costs.
This week's wage price index will also likely show that real wages likely moved about +0.7 per cent higher over the financial year.
Cobweb effect
Plenty of Sydney and Melbourne housing auction results over the weekend suggested that all of the preceding two years of negativity an price declines have been reversed in many cases (in some instances more than reversed).
The housing market pretty much turned on a dime as soon at the election results filtered through on May 2018.
But there's something of a cobweb effect in play, with capital city stock listings still some 21.2 per cent lower than a year ago, despite a modest recent lift.
Source: CoreLogic
