Housing finance rebound "odd data out"

Via Westpac on yesterday’s housing finance numbers:

Australian housing finance approvals were firmer than expected in May, the number of owner occupier loans rising 1.1% vs expectations of a 2% decline, and the value of investor loans up 0.1% in the month. The result was against the wider ‘run of play’ for housing markets which has pointed to a further softening in recent months.

• The number of new owner occupier approvals, i.e. excluding refinancing, rose 1.8% to be down 2.7%yr. The total value of housing finance approvals including investors but excluding owner occupier refi, rose 0.4%mth to be down 5.1%yr (estimates excluding investor refi look to be down about 6%yr).

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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.

Housing finance rebound “odd data out”