From Core Logic today comes the weekly mortgage index:
Obviously this draw down is seasonal. What is noteworthy is that it does not usually come until December, in every prior year in fact. In 2014, for instance, the index was entering a major surge at this time before pulling back for Xmas.
It’s probably nothing that it has come a month early but is it just possible that Australians have made a collective gulp at the election of Donald Trump? If so, such event shock tends to pass relatively quickly but it would throw out an interesting question about how secure Australians feel under the new president, with some longer lasting implications.
