Housing credit hits the accelerator

Housing credit accelerator

Housing credit growth picked up to 0.46 per cent in April 2024, which was the strongest growth since all the way back in August 2022.

The growth in housing credit over the past year has largely been driven by owner-occupiers, though it does look as though anemic investor credit growth has also bottomed out now. 

As such, the housing credit impulse has picked up further pace, pointing to solid housing price gains ahead.

The past year has been characterised by low stock levels, but over recent weeks there's been an increase in listings in outer-Melbourne and outer-Adelaide which may subdue the pace of price growth in these markets somewhat.

With reasonable growth in business credit, total credit growth in the economy was decent at 0.46 per cent in April. 

The partial indicators released to date suggest that the economy grew only by around 1 per cent over the year to March 2024, and has been going backwards in per capita terms.

The CapEx figures were a bit better than hoped, so we might just sneak a positive result, though NAB is forecasting GDP growth of zero for the March quarter.

James Foster previewed the upcoming GDP growth figures here - it looks like another soft one overall. 

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