Today’s housing finance data for February posted another big drop in new home finance commitments, with the number of commitments for both construction and new dwellings falling by 6.5% over the month to be down by 2.7% over the year (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 there has been an uptick in new home finance commitments in both New South Wales and to a lesser extent Victoria and Queensland. However, this is being offset by sharp falls in Western Australia (see next chart).
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