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Today’s housing finance data for January posted a decent drop in new home finance commitments, with the number of commitments for both construction and new dwellings falling by 2.9% over the month. However, they were up by 6.7% over the year and look to be trending upwards (see below charts).
Looking at at the state-by-state breakdown, which is presented below on a rolling annual basis since it is not seasonally adjusted, shows that the rebound in new home finance commitments has been driven by New South Wales and to a lesser extent Victoria and Queensland. By contrast, commitments in Western Australia are falling fast (see next chart).
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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.
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