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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Home loans rose 4.8% m/m in May after an upwardly-revised -1% m/m. This brings housing finance to -20.5% y/y up from -25.1%. With CoreLogic house prices up 1.4% m/m in May and population over 15yrs rising 2.7% y/y, the highest since the series began, it is not surprising that May home lending bounced. Given these trends look like they will continue for now (June house prices rose 1.2% m/m), further strength in finance going forward is likely. Today’s stronger data rounds out a robust and resilient May for the economy and may be enough to result in another hike on Tuesday.
- Finance for owner-occupiers rose 4% m/m after falling 1.4% in April. It is now down 20.2% y/y after -23.5%. Investors increased 6.2% m/m, highest rate since May 2021, to be down 21% y/y up from -28.1% y/y the previous month. 3-month momentum is now positive across the board suggesting future growth.
- First-time homebuyers have also increased lending for home purchases despite poor affordability. Lending increased 5.5% for this group to be down 15.1% y/y. 3-month momentum is a huge 60.4% annualised.
Total new housing loans %
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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