Housing finance flows
It looks as though credit is beginning to flow again, with owner-occupier commitment up 11.9 per cent over the 3 months to August, and investor commitments up by 11.6 per cent.
There was only a modest 0.7 per cent increase in the number of owner-occupier commitments excluding refinancing in August, missing expectations.
However, the value of investor commitments was up by 5.7 per cent, mainly driven by Victoria, followed by Queensland and New South Wales.
Volumes are still well down on a year earlier, however.
Interestingly, the number of first homebuyers in the market is now rising strongly even ahead of the planned deposit scheme (which isn't effective until January 2020).
If sustained, in absolute we'll very soon have the largest number of first homebuyers in the market for any period outside the Rudd stimulus.
Lending is picking up, then, suggesting that the housing market recovery will continue.
There has been a modest increase in the number of homebuyer commitments, but overall transaction levels remain quite subdued.
Overall the numbers looked most favourable for Melbourne, Sydney, and Brisbane, in that order.
