Yesterday’s housing finance data for October, released by the ABS, revealed a housing market that has become even more reliant on investors to generate growth.
As shown in the next chart, the near parabolic growth of investor mortgages continued in October, up 20% over the year and comprising an unprecedented 48.2% of total housing finance commitments (excluding refinancings) over the year – easily exceeding the mid-2004 (“bubble”) peak of 46.4% (see next chart).
