Lending continues in September
Via CBA, new housing lending is up 30 per cent from a year earlier.
This suggests that the strong figures reported a couple of weeks ago for August have in all likelihood continued through September and October.
Source: CBA internal data
A fair chunk of the surge has been for households refinancing to lower mortgage rates, but equally new lending to homebuyers is up sharply ex-refi.
With further easing to come, this is overall bullish for housing.
The RBA's Michelle Bullock concluded in a speech this morning that the Australian economy has coped well to date with the test of the COVID-19 downturn, but business failures will likely rise over the year ahead as insolvency relief is wound back.
