New home finance down again in October

Friday 8 December 2017

Today’s housing finance data for October posted another 1.5% fall in the number of new home finance commitments (both construction and new), although commitments were still up by 12.1% 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.