The Queensland Government has released data on housing transfers and mortgage lodgements for the month of August.
According to the Government, the number of housing transfers fell by 7.1% in August, whereas the number of mortgage lodgements fell by 9.4% over the month (see next chart).
However, the data is not seasonally adjusted and is inherently volatile. Therefore, a better way to compare it is on a year-on-year basis, which removes problems associated with seasonality. On an annual basis, transfers rose by 12.2% in August, whereas mortgage transfers rose by 12.9% (see next chart).
You can see from the next chart that Queensland transfers and mortgage lodgements have been in an up-trend since late-2011. They also remain depressed overall, still tracking 21% (transfers) and 24% (mortgages) respectively below the 13-year average in the year to August 2013 and are at similar levels to the year 2000.
Accordingly, it appears that the housing recovery underway in Queensland remains tepid.
unconventionaleconomist@hotmail.com
