RPData leading mortgage index continues fall

Monday, 9 May 2016

The RP Data leading mortgage index is out and it’s seasonal Autumn bounce has come in weak:

In bullish years the Autumn bounce tends to outstrip the Summer jump, this year we’ve pulled up well below it, though we are still modestly above the 2014 level. This looks like more sharp mortgage finance deceleration ahead.

In terms of auction clearances by district, the Sydney market continues its bifurcation and mortgage belt bust while inner burbs run hot. This is one reason why MB sees RPData’s current price rises as a statistical furphy. Interestingly Chinese area clearance rates are still elevated as well:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.