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New housing loans continue to decline

AUSTRALIA DATA

The RBA should be pleased with the data today showing that house prices (CoreLogic -1.6%m/m) and mortgage lending are moderating from their highs, as interest rate rises are felt in the property market.

  • New housing loans in July fell a more-than-expected 8.5%m/m to be down 11.3% on the year. Owner-occupied fell 7%m/m and investor lending 11.2%.
  • While the data look weak in terms of the monthly falls seen in July, the ABS notes that the levels are at historically highs and are well above pre-pandemic levels. New owner-occupied loans stand 40% higher than February 2020 and investor lending 78% higher.

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