Via ANZ:
It’s the bank’s housing credit “impulse” — effectively measuring the change in the change in housing credit growth — overlaid against the monthly annualised change in Australian capital city home prices as measured by CoreLogic.
The impulse fell to fresh cyclical lows in December, something that Jack Chambers and David Plank, Economists at ANZ, says points to the likelihood of further price weakness ahead.
“The focus remains on the continued slowdown in housing credit, with investor credit growth low and owner-occupier credit slowing,” they say.
“The housing credit impulse declined further in December. This is consistent with our view that house prices will continue to decline through 2019.”
Big time.
