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Today’s housing finance data for April posted a rebound in new home finance commitments, with the number of commitments for both construction and new dwellings rising by 4.0% over the month to be down by 5.9% over the year (see below charts).
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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 new home finance commitments remain solid in both New South Wales Victoria, whereas they have softened in Queensland and have fallen sharply in Western Australia. South Australia is stable. (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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