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Today’s housing finance data for December registered the third consecutive monthly decline in buyer demand for newly constructed dwellings, which follows a prolonged period of strength (see next chart).
The number of finance commitments for new dwellings (i.e. construction plus new) fell ever so slightly (-0.03%) in December to be up 4.7% over the year and tracking some 17% above the 5-year moving average level.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.