New home finance fell in August

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By Leith van Onselen

Today’s housing finance data for August posted a 1.2% fall in the number of new home finance commitments (both construction and new), although commitments also up by 16.4% over the year:

Looking 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 strong in both New South Wales and Victoria, whereas they are also rising in Queensland. By contrast, they have fallen sharply in Western Australia (but seem to have found a bottom) and are stable in South Australia:

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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.