Adelaide! Wait, no, that was Tuesday. Melbourne! No, wait, that was Wednesday. Mortgages! Yes, it’s Thursday, let’s do mortgages:
“Our experience over the last six or seven weeks, we have seen a bit of a rebound back up in volumes and it is probably a bit more in the owner occupied space,” NAB’s finance chief Craig Drummond told The Australian Financial Review in Singapore.
“There was a period of uncertainty. I don’t think it was an alarming dip but there was a bit of a drop and we have seen that rebound.”
“It is about sustainability. We don’t want to see sharp moves up or down. We want to see a sustainable move in pricing and I think that is where the regulator was a little bit concerned … clearances have come off a bit but not to unhelpfully low levels.”
What today’s, ahem, article does not mention is that Drummond also said that mortgage demand had rebounded to the same level as last year. That is, that right now it is not growing at all year on year, which will result in falling property prices in short order if it persists.
